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Oil & Gas

UK imports from Russia fall to record low in June, ONS says

For the first time since records began the UK did not import fuels from Russia

The UK imported the least amount of goods in June from Russia since records began, the Office for National Statistics said in its latest assessment of economic sanctions on Moscow.

The value of imported goods fell to £33mln in June, the lowest since records began in January 1997. The figures do not include trade in services.

There were also no imports of fuels for the first time and imports of all commodities fell compared with the monthly average for the 12 months to February 2022.

In response to Russia’s invasion of Ukraine, the UK announced a range of economic sanctions from late February, including sanctions on trade, which came into force in early March.

The ONS said self-sanctioning, when traders voluntarily seek alternatives to Russian goods, was also a factor in the decline in trade.

In 2021, Russia was the UK's largest supplier of refined oil, accounting for 24.1% of all imports. It supplied 5.9% of the UK's crude oil imports and 4.9% of gas imports.

Imports of goods from Russia have dropped 97% compared with the average monthly figure in the 12 months to February 2022.

Exports to Russia slightly increased in June from the previous month, although they were down 67 compared with the monthly average for the 12 months to February this year.

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