The US restrictions have undermined bilateral trade, the foreign minister has said

Trade between Russia and the US has seen a major downturn as a result of Washington's "illegal sanctions," Russian Foreign Minister Sergey Lavrov has said. However, Moscow is "not chasing after anyone" to lift the restrictions, according to the top diplomat.

Washington and its allies placed punitive restrictions on Moscow after Crimea's reunification with Russia in 2014, and later over Moscow's alleged meddling in American elections. The sanctions were drastically expanded by the former US President Joe Biden's administration following the escalation of the Ukraine conflict in 2022.

Speaking to Kommersant on Monday, Lavrov said the globalization of the world economy had been destroyed after sanctions became "the only tool of [Biden's] foreign policy."

He noted that the administration of President Donald Trump had begun discussing trade and economic cooperation with Moscow already during initial contacts, but made no secret of pursuing material gain in its foreign policy decisions.

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According to Lavrov, economic cooperation between the countries has dropped "by about 95% compared to the peak of around $30 billion ten years ago, mostly due to illegal sanctions." 

Future cooperation would depend entirely on Washington, Lavrov said, stressing "We are not chasing anyone or asking for sanctions to be lifted." 

Russia has repeatedly condemned the Western sanctions as illegal and ineffective, saying they have failed to destabilize its economy or isolate it from the global financial system. Sanctions have instead backfired on the countries that imposed them, while Russia has focused on shifting trade to Asia and the Global South, primarily China and India.

In March, Trump said Washington might consider lifting certain sanctions on Russia in order to advance the Black Sea Grain Initiative - key maritime agreement that ensures the safety of navigation in the Black Sea - as a step towards settling the Ukraine conflict. 

On Saturday, Trump prolonged the restrictions for another year, based on the supposition that Moscow still poses a serious threat to American national security.

Lavrov said Russia had to avoid relying on foreign partners in critical sectors even if sanctions are lifted, echoing President Vladimir Putin's calls to preserve economic sovereignty.