FOREIGN TRADE OF THE FAROE ISLANDS IN 2014–2022: A TURN TO RUSSIA

Abstract

This article is devoted to the analysis of the development of foreign trade activities of the autonomous territory of the Danish Kingdom the Faroe Islands in 2014–2022. This period of time is in focus because, on the one hand, in 2014, this territory, which is a part of the WTO and aspiring to join the EFTA by itself, managed to get out from under EU sanctions that had been in effect against it for about a year, and, on the other hand, sanctions against Russia began to take effect this year. As a result, the foreign trade orientation of the Faroe Islands has undergone serious changes: our country has become the leading trading partner of this territory. And this situation has not changed, even when, under external pressure, the autonomy government partially joined the sanctions against Russia, which they strenuously avoided for more than 8 years. The article presents an analysis of the export and import flows of the Faroe Islands in recent years. As a result, it is concluded that this Territory has significantly increased the volume of its foreign trade activities, which contributed to an increase in its actual autonomy relative to Denmark. In particular, because this increase was mainly due to other states, among which Russia stood out especially, in the import of which the Faroes took the place that Norway had occupied for many years. Thus, the case of this autonomous territory can serve as an example of conducting a sovereign economic policy in the context of the sanctions war that has been unfolding between Russia and most European countries for more than 8 years.

Keywords

• faroe islands
• foreign trade
• russia
• sanctions
• export
• import.