Russia is an important market for Swedish companies. Although Sweden's exports to Russia fell sharply in 2014, due to the economic crisis following the sharp fall in oil prices and EU sanctions, but bilateral trade recovered and had a positive development until the beginning of 2020 when the Covid-19 pandemic broke out.

The government crisis package, stimulus measures and monetary policy mitigated negative effects on domestic consumption and foreign trade. Exports decreased in value by 21 per cent and imports by 5.7 per cent in 2020. The EU is still Russia's largest trading partner, and Russia is the EU's fourth-largest trading partner. At the same time, China remains Russia's single largest trading partner, and China's share of trade is increasing.

Swedish companies’ positive expectations regarding future turnovers have improved significantly: 64 per cent in 2021 against 38 per cent in 2020. In 2021, only 13 per cent of respondents expect turnover to decrease, while 50 per cent followed this projection.

Sweden's brand identity is synonymous with innovation, creativity, sustainability, which contributes significantly to competitiveness for many companies. Swedish businesses utilise their origin to communicate their brands' attributes; some local players even joined their forces to strengthen their messages based on their shared "Swedishness".

The Business Climate Survey is a tool used by Team Sweden to map the opportunities and challenges Swedish companies face when doing business across the world.

Please download the report to fully overview the results with a detailed analysis. 


This year 124 Swedish companies, our largest sample in the history of this survey in Russia, provided their views and opinions on their experience of doing business in the country. The answers were collected between 12 and 30 April 2021. This year's report is also nurtured with 2020's survey results in Russia and the Global Business Climate Survey 2021 data comparisons.