March 11, 2022 CSIS

Southeast Asian nations have been rather subdued in their responses to Russia’s invasion of Ukraine, although all but two—Vietnam and Laos—voted in the United Nations in early March to condemn Moscow’s aggression. The fighting erupted thousands of miles away, but the effects, particularly of the sanctions imposed by the United States, Europe, Japan, Australia, and others, will still have economic reverberations in Southeast Asia.

Overall, Russia and Ukraine are relatively minor economic players in Southeast Asia, with Russia making up just over 0.64 percent of global trade with the region while Ukraine accounts for just 0.11 percent, according to ASEANstats. But Moscow’s Economic Development Ministry has said that it will work to boost trade and economic links with Asia to balance sanctions.

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