- March 23, 2023
For the first time in history, Britain is not importing any energy from Russia as a result of the collapse of trade between the two nations following the Kremlin’s command to invade Ukraine in February.
According to data from the Office for National Statistics (ONS) that were made public six months after the war began, the UK’s imports from Russia fell by 97% in June and amounted to barely £33 million when sanctions went into effect.
According to ONS data, the UK government had already accomplished its goal of gradually ceasing imports of Russian oil by the end of 2022 and of liquefied natural gas as soon as practicable beyond that date.
The UK imported fuel from Russia on average in the 12 months prior to the conflict, but this amount has now fallen to zero, marking the first time this has happened since modern records began in 1997. According to the ONS, the UK has made up for this by bringing in more refined oil from Saudi Arabia, Kuwait, the Netherlands, and Belgium.
Following the invasion of Ukraine, imports of other Russian commodities, notably vodka, have also completely disappeared. In addition to significant additional tariffs on some items, bans were issued on a variety of Russian products, including iron and steel, silver, gold, high-end goods, and wood products.
Due to the fact that some products, like pharmaceuticals, were excluded from the sanctions regime put in place following the invasion on February 24, exports from the UK to Russia also dropped dramatically albeit to a lower amount than imports.
Exports, according to the ONS, were £83 million in June, a 67% decrease from the £251 million a month on average over the previous year leading up to the conflict.
Between February and June, exports of the majority of goods to Russia fell precipitously, with industrial and transport equipment exports falling by £118 million (91.3%).
Chemical exports to Russia were the only product to increase during this time, thanks to a gain of £39.1 million (61.8%) in exports of pharmaceutical and medical items.
The ONS stated that self-sanctioning, in which traders voluntarily seek alternatives to Russian goods, is also likely a factor, and that the UK government’s economic sanctions are “likely to have caused the decreases in imports from and exports to Russia.”
To find out more about accessing a new market, you can check out this article which shows you how to use Trade Data Pro to access Global Trade Markets: https://blog.tradedata.pro/say-hello-to-our-new-release-of-tradedata-pro/
The most trustable and reliable source for Trade Data.
Trade Data Pro is proudly made in Singapore. Singapore has been one of the world’s most politically stable countries, with an open and trade-driven economy.
Trade Data Pro is presented by CIC, a government-linked company in Singapore CIC is a Join Venture of Zall Smartcom, SGX and GeTS.)
Since the launch of Trade Data Pro in 2018, Trade Data Pro has received overwhelmingly positive remarks from market. This is because Trade Data Pro has wide coverage, low cost, and fast response. There are many leading companies from different industries that have subscribed to Trade Data Pro .
Trade Data Pro was awarded with Singapore Quality Class in 2020 and Stevie Award Gold in 2021. Businesses need information to reveal trends, identify market opportunities, track competitors buyers and suppliers, and better understand supply chain potential.
Finding these critical data has traditionally been challenging. But this information do exist, but as part of government import and export filing requirement. The detailed shipment information which are within these filings constructions the core of the global trade.
Trade Data Pro has gathered and packaged these information as business intelligence. Our solution helps companies understand the flow of goods across borders and features the world’s largest searchable trade database.
We do the heavy lifting for you by reviewing, standardising, and cleaning data, then delivering in an intuitive format.