Bilateral economic relations with Eastern Europe and Central Asia
The region Eastern Europe and Central Asia comprises the Russian Federation, the six Eastern Partnership states Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine, and the five Central Asian states Kazakhstan, Kyrgyz Republic, Uzbekistan, Turkmenistan and Tajikistan. EU Association and Free Trade Agreements are in force with three of these states - Ukraine, Moldova and Georgia. Ukraine and Moldova have been candidates for EU accession since June, 2022, and the opening of accession negotiations with Ukraine and Moldova was decided by the European Council in December, 2023, when Georgia was given an accession perspective as well. Accession negotiations were commenced with Ukraine and Moldova in June, 2024, while negotiations with Georgia were put on hold for the time being due to serious setbacks in the areas of democracy and the rule of law. Georgia’s government itself decided to suspend the EU accession process until 2028. Key roadmaps for democratic reforms were adopted with Moldova in 2025 following the completion of the screening process. Five states belong to the Eurasian Economic Union EEU - the Russian Federation, Belarus, Kazakhstan, Armenia and the Kyrgyz Republic.
As of 2014, the EU imposed restrictive measures vis-à-vis the Russian Federation in response to the annexation of the Ukrainian peninsula Crimea and support for pro-Russian rebels in Eastern Ukraine. These measures comprise economic sanctions.
Since 25 February, 2022, several packages of restrictive measures have been imposed in reaction to the war of aggression of Russia against Ukraine. They comprise, inter alia, individual restrictive measures (asset freezes and travel restrictions) against an additional considerable number of people and entities as well as extensive economic and finance sanctions.
Sanctions have been imposed against Belarus in the wake of 2020 presidential elections and have since been expanded because of Belarus’ role in Russia’s invasion of Ukraine.
Austria's economic relations with the region
In economic terms, most important countries of the region for Austria are Ukraine and Kazakhstan.
Ukraine has traditionally been Austria's second most important trading partner in the region, with exports reaching 777 million Euros in 2025 and imports amounting to 730 million Euros in 2025 with a rise in exports by +17 percent and a moderate decline in imports by -10 percent.
Before Russia’s war, Austria ranked sixth among foreign investors in Ukraine. Most of the some 200 Austrian companies engaged in Ukraine have maintained their activities in the country, notwithstanding challenging conditions. Recovery and reconstruction hold potential for Austrian companies.
In Central Asia, Kazakhstan is Austria's most important trading partner. The country is Austria’s top supplier of crude oil. Statistik Austria data show a decrease in imports by -7 percent to 2.36 billion Euros and a slight export growth by +9 percent to 327 million Euros in 2025. Crude oil accounted for nearly 99 percent of imports in 2025.