Russia’s invasion of Ukraine has led to significant changes in its international trade, with a shift towards the east and away from Europe. The EU and its partners imposed sanctions on Russia, including bans on certain machinery and transport equipment exports, and many European firms and households scaled down or froze their trade with Russian firms. As a result, trade between the euro area and Russia has dramatically decreased, with exports falling quickly and imports declining gradually. Russia’s market power in European energy markets has also diminished substantially as gas imports from Russia to Europe have decreased by 90% from their historical average. Europe has replaced gas from Russia with pipeline gas from other countries and increased imports of liquified natural gas (LNG).
https://www.ecb.europa.eu/press/blog/date/2023/html/ecb.blog.230412~1d6e657dd5.en.html