Spanish Investment and Trade Collapse in Russia

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This episode examines the sharp decline in Spanish investment and trade with Russia since the 2022 invasion of Ukraine. We look at how sanctions, reputational risks, and geopolitical uncertainty pushed Spanish companies to scale back, leading to a 64.6% drop in exports. While Spain’s direct exposure is limited, indirect impacts—especially in energy and food sectors—remain significant. We also review the few industries, like pharmaceuticals and agri-food, that still maintain minimal trade ties.