UK imports from with Russia collapsed 96.7 per cent within the wake of Vladimir Putin’s invasion of Ukraine, official figures present.
Imports of products from Russia totalled £33m in June 2022, the bottom stage since information started in January 1997, the Workplace for Nationwide Statistics reported.
June 2022 was the primary month since information started that the UK imported no gasoline from Russia, down from a mean of £499m per 30 days within the yr to February 2022.
The ONS mentioned: “The financial sanctions utilized by the UK Authorities are prone to have pushed the decreases in imports from and exports to Russia; nevertheless self-sanctioning, whereby merchants voluntarily search options to Russian items, can be probably an element.”
In March, the federal government introduced that the UK would part out Russian oil imports by the top of the yr, and finish imports of Russian liquefied pure fuel as quickly as doable thereafter.
Whereas imports of oil are allowed throughout this transition interval, companies have been inspired to safe oil from different sources, which has resulted in a pointy and continued lower of gasoline imports since March 2022.
Earlier than the invasion Russia was the UK’s largest provider of refined oil in 2021, accounting for twenty-four.1 per cent of imports, whereas additionally supplying 5.9 per cent of the UK’s crude oil imports, and 4.9 per cent of the UK’s fuel imports.
Vitality costs have soared to eye-watering ranges all through Europe as Russia has lower flows of fuel to the Continent, elevating the prospect of widespread industrial blackouts and rationing of provides.