Italy is second among Russia's West European trade partners. According to official statistics issued in Russia, last year commodity circulation between the two countries totaled 9.6 billion dollars. Of this sum, 7.4 billion account for Russian export to Italy and 2,2 billion for Italian deliveries to Russia. Compared with 2001, Russia's export has increased by 0.3 percent, while its import from Italy shot up by 29.1 percent.
Russia mainly exports to Italy oil, gas, chemical goods, and nonferrous metals; and among the goods it imports from that country mainly are machines and equipment, articles made of ferrous metals, foodstuffs and consumer goods.
Italy is the 7th among Russia foreign investors. The total amount of Italian investments in this country is roughly 1.9 billion dollars, which is 6 percent of all foreign investments in Russia.
The two countries work on joint projects. In 1999 an agreement was signed between the Gazprom company and the Italian ENI oil and gas concern on participation of the latter in the construction of the Blue Stream gas pipeline. A joint Blue Stream Pipeline company has been established for effecting the project.
In 1998 the Italian FIAT concern and the Russian GAZ automobile plant have signed an agreement on establishing a joint venture for manufacturing 150,000 cars annually.
In 1999 the Russian Yakovlev aircraft building company signed a contract with Italy's Aeromacchi company on joint manufacture of Yak-130 training aircraft. In 2003 Russia's Defense Ministry has confirmed its intention to purchase these planes. India, too, has displayed interest in buying Yak-130 aircraft.