In 2021, Russia remained a top-40 U.S. export market, with nearly $6.4 billion in exports. Leading sectors included heavy equipment, aerospace, healthcare, vehicles, and electrical equipment.

In 2022, after the invasion of Ukraine, U.S. Census Bureau statistics showed that monthly U.S. exports to Russia fell from $497.5 million in February 2022 to $101.1 million in March 2022, capturing some of the initial effects of newly imposed U.S. sanctions and export controls on the bilateral trade relationship. The latest monthly trade statistics available at publication indicated U.S. exports to Russia of $77.4 million in May 2022. Further trade restrictions imposed in April 2022 and after will probably contribute to a continuation of this downward trend.

The Department of the Treasury also has issued a number of General Licenses, authorizing certain business activities and transactions in Russia. Later in 2022, many of these General Licenses could expire, which could lead to further decreases in U.S. exports if companies are forced to exit the market or suspend lines of business.