Amid a growing number of sanctions from the UK and other Western nations, Imports to the UK from Russia dropped to £33 million in June, the lowest level since records started at the beginning of 1997.
According to data released on Wednesday by the Office for National Statics (ONS), for the first time since records started, the UK imported zero fuel from Russia, with fuel imports falling by £499m – or 100% – compared with the average for the 12 months to February.
With Russian aggression in Ukraine continuing, and now exactly six months after the invasion began, UK sanctions on Russia are showing an effect. As part of the sanctions, the world’s fifth largest economy pledged to phase out imports of Russian oil by the end of the year and gas imports as soon as possible.
Last year, according to the International Energy Agency, the UK imported approximately 4-5% of its gas from Russia. Meanwhile, in 2021 for other commodities, the UK imported around 11% of its oil from Russia.
The sanctions are described on the UK GOVT website as “aimed at encouraging Russia to cease actions destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine.”
UK Exports to Russia Decline
It wasn’t just UK imports from Russia that showed a significant decline. UK exports to Russia also fell. According to ONS data, exports to Russia plunged by nearly 70%, to £168m, compared with the monthly average in the 12 months to February.
Leading the declines in June were machinery and transport equipment sales which plunged 91.3% to £118m.
Exports of chemicals to Russia, which are exempt from sanctions, posted a minor increase in June.
Elsewhere, the US has imposed a complete ban on Russian oil and gas imports. Meanwhile, the EU has not been so strict with sanctions on Russia. The EU has said it will only reduce gas imports from Russia by two-thirds within a year whilst also agreeing to ban all Russian oil imports via the sea by the end of the year.
