b'2.1.2. Case Study: Russia There was an observed decline in trade volumes between the EU and Russia after the effect of trade sanctions and counter-sanctionsenacted in 2014.2In addition, in recent years, Russia has suffered from a downturn in its economy, falling oil prices and the ensuing weakening of the ruble. However, Russia had run a massive trade surplus with the EU until the end of 2013.Table 31EU tradein goods with Russia 250 200 150 100 BillionsBillions 50 0-50 -1002007200820092010201120122013201420152016ExportsImportsBalance Source: Eurostat2.1.3. Case Study: USA The USA has consistently run a trade deficit with the EU. However, what is importantto the argument is the sheer value of the two-waytrade between the USA and people and businesses in the EU. Table 32EU tradein goods with the USA 400350 300 -250 -200 150 100 5020072008 200920102011201220132014201520162017 ExportsImportsBalance SummaryA UK-EU Trade Agreementwhich is addressed belowis, in practice, inevitable, but as we see here NOT essential.Source: Eurostat61'