Russia is the EU27's third most important trading partner, after the USA and China, accounting for 6.2% of EU27 exports and 10.4% of EU27 imports in 2006, compared to 2.7% and 6.4% respectively in 2000. The EU27 deficit in trade with Russia increased from 41 billion euro in 2000 to 69 bn in 2006. This increased deficit was due to imports of energy, which rose from 36 bn in 2000 to 94 bn in 2006, while exports of machinery and vehicles increased from 8 bn in 2000 to 34 bn in 2006.

Among the EU27 Member States, Germany was by far the largest exporter to Russia in 2006, with 23 bn euro, or 32% of the total, followed by Italy (8 bn or 11%) and Finland (6 bn or 9%). Germany (29 bn or 21%) was also the largest importer, followed by the Netherlands (17 bn or 12%) and Italy (14 bn or 10%).

In 2005, Russia supplied more than 40% of EU27 natural gas imports and more than 30% of crude oil imports, compared to 50% and 22% respectively in 2000.

In 2006, the EU27 exported 13 bn euro of services to Russia, while imports of services from Russia amounted to 10 bn, resulting in a EU27 surplus of 3 bn in trade in services with Russia.