Figures from the Office for National Statistics (ONS) released six months after the war began found that in June UK imports from Russia fell by 97% to just £33m as sanctions came into effect. ONS figures show that by June the UK government had already met its target of phasing out imports of Russian oil by the end of 2022 and ending imports of liquefied natural gas as soon as possible after that. In the 12 months leading up to the war, the UK imported an average of £499m of fuel from Russia, but this figure has dropped to zero, the first time this has happened since modern records began in 1997. The ONS said that the UK had compensated by increasing imports of refined oil from Saudi Arabia, Kuwait, the Netherlands and Belgium. Imports of other Russian products – including vodka – have also been wiped out since the invasion of Ukraine. Bans were announced on a number of Russian products, including iron and steel, silver, gold, wood products and high-quality products, as well as high additional tariffs on other items. UK exports to Russia also fell sharply, but to a lesser extent than imports, because some goods – such as pharmaceuticals – were exempted from the sanctions regime imposed after the February 24 invasion. The ONS reported that exports totaled £83m in June – a 67% drop compared to the 12-month average of £251m a month in the year before the war. Exports of most goods to Russia fell significantly between February and June, with transport machinery and equipment falling by £118m (91.3%). Chemicals were the only product exported to Russia to increase during this period, driven by a £39.1m (61.8%) increase in exports of drugs and pharmaceuticals Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. “Economic sanctions imposed by the UK government are likely to have led to a reduction in imports and exports to Russia. However, self-sanctioning, where traders voluntarily seek alternatives to Russian products, is also likely to be a factor,” the ONS said.
