Israel has benefited significantly from economic sanctions imposed on Russia by the U.S. and the European Union for its incursion into Ukraine, forcing Russia to look elsewhere for trading partners.
Trade between Israel and Russia rose by $380 million in the first half of 2017, in comparison with the same period in 2016, a 25 percent increase.
The figures were released by Minister of Environmental Protection Zeev Elkin and Temur Ben Yehuda, chairman of the Israeli-Russian Business Council, at a conference in Moscow, the Jewish Telegraphic Agency (JTA) reported on Sunday.
“There is still great potential for increase in trade and there is much work ahead of us,” Elkin said, referring to talks that have been ongoing since 2013 on a free trade agreement between the two countries.
“We are not only conducting dialogue on increasing trade; we are also signing major agreements between Israel and Russian firms, including Watergen, Assuta and many others,” Ben Yehuda was quoted as saying.