The trade sanctions imposed by London on Moscow have a strong impact on Russian imports to the UK. Since Russia’s invasion of Ukraine, they collapsed, for the first time, without fuel purchases in June.
In particular, there were no fuel imports from Russia in June, for the first time since these statistics exist, and imports of all raw materials have been reduced compared to before February and the start of the war, specifies the National Office of Statistics.
Companies self-censor
Before the war, Russian oil accounted for 8% of total British demand, 4% of natural gas, according to the government. Although exports for their part increased slightly in June compared to May, their level fell by 67%, or 168 million pounds, compared to the monthly average before the war, with machinery and transport equipment particularly affected, specifies the ‘ons.
Sales of chemicals in particular grew to Russia in June, including sanctions-free medical and pharmaceutical products.
While the ONS points to the role of sanctions in the downturn in trade, the organization adds, however, that many companies have probably self-censored and searched for alternatives to Russian products on their own, in view of the changing situation or the risk. new punitive measures that could make those doing business with Russia illegal.
In March, Downing Street pledged to stop oil imports by the end of the year, then raised tariffs to 35% on imports of a range of Russian goods into the UK, a list that was extended in June. Import bans on Russian iron, steel, silver, wood, gold and luxury goods, among others, have been announced.
Source: BFM TV
