Czech Business: EU sets record energy deficit with Russia

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EU sets record energy deficit with Russia

The European Union last year recorded a trade deficit of nearly € 70 billion with Russia owning to large energy bill, the EU’s statistical arm Eurostat said. Accounting for over 6 percent of EU exports and 10 percent of EU imports, Russia became the third largest trading partner of the 27-nation bloc last year, trailing worldwide after the U.S. and China.

The increased deficit was primarily due to an increase in the deficit for energy, only partially offset by an increase in the surplus for machinery and vehicles.