UK imports from Russia plunge 97% after Ukraine invasion

UK imports Larry the cat sits near a floral display arch to mark Ukraine's Independence Day in front of the door of 10 Downing Street in London, Britain, August 24, 2022. REUTERS/Kevin Coombs
UK imports from Russia hit record low. Photo: Kevin Coombs/Reuters (Kevin Coombs / reuters)

Imports of goods into the UK from Russia shrank 96.6% to just £33m in June, the lowest since records began in January 1997.

For the first time on record, there were no imports of fuel from Russia, according to the figures from the Office for National Statistics (ONS).

The UK announced import bans on a range of Russian products including iron and steel, silver, gold, wood products and high-end goods, and high additional tariffs on other items, following the Ukraine war.

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Russia has subsequently been accused of weaponising energy by limiting gas supplies through the Nord Stream pipeline to Europe.

The import of goods dropped to £33m in June, the lowest level since records began in January 1997, according to the ONS.

This represents a 96.6% fall compared with the average monthly imports in the 12 months before the invasion in February this year.

The ONS said: “The economic sanctions applied by the UK government are likely to have driven the decreases in imports from and exports to Russia; however self-sanctioning, whereby traders voluntarily seek alternatives to Russian goods, is also likely a factor.”

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The ONS also reports that exports to Russia slightly increased in June 2022, but were 67% below their pre-invasion average:

Before the invasion Russia was the UK’s largest supplier of refined oil in 2021, accounting for 24.1% of imports, while also supplying 5.9% of the UK’s crude oil imports, and 4.9% of the UK’s gas imports.

The figures were published as Ukraine celebrated 31 years since it declared independence from the Soviet Union, while it also marked six months since Russia's invasion began.

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