For the first time since records began, Britain had a month in which it imported no fuel from Russia, according to British government figures released on Wednesday.
In addition to the sharp decline in imports of Russian fuel in June, imports of other Russian products also fell to their lowest levels in the month. Since the Office for National Statistics began recording data in 1997,Imports fell to £33m ($39m). That’s 97% below his average monthly imports for the year through February, the month Russia invaded Ukraine.
The figure shows how effective the UK government’s economic sanctions against Russia, which came into effect in March, are working. Self-sanctions, in which companies voluntarily look for substitutes for Russian products, are also likely to be a factor in the sharp drop in trade, according to the National Bureau of Statistics.
Exports of most goods from the UK to Russia also fell sharply, with exports of machinery and transport equipment dropping. The exception is pharmaceuticals and pharmaceuticals, where he increased by 62% from the pre-war average. These products are exempt from sanctions.
under sanctions British companies should stop importing Russian oil and coal by the end of the year Until then, finding alternative sources has been encouraged.In recent months, a British company has increase in imports From Saudi Arabia, Holland, Belgium and Kuwait.
Before Russia invaded Ukraine, Britain imported almost a quarter of its refined oil, 6% of its crude oil imports and 5% of its gas imports from Russia. (The UK gets about half of all its crude oil imports from Norway.)
The European Union has also cut its purchases of Russian gas ahead of a ban on most of the bloc’s Russian oil imports coming into force at the end of the year. The European Union has also agreed to curb consumption of natural gas from Russia. In the last week of June, total EU gas imports from Russia fell by 65% year-on-year, according to the report. European Central Bank report.
Russia feels the effects of sanctions. Its economy contracted sharply in the second quarter, down 4% from the same period last year. Sanctions against Russia have forced many Western companies to leave Russia, cutting Russia off from about half of its $600 billion foreign exchange and gold reserves.
One of the drivers of the Russian economy has been rising oil prices, which are helping to make up for revenues that would otherwise have come from European buyers. India, China and Turkey have ramped up purchases of Russian crude oil and offered temporary relief, but once the European Union oil ban comes into full effect, Russia will sell about 2.3 million barrels of crude oil per day. Need to find buyers for petroleum products… 20% of average production in 2022, according to the International Energy Agency.