Trade between the UK and Russia has dwindled to the lowest level since records began, with Saudi Arabia, Kuwait and the Netherlands stepping in to meet UK requirements for refined oil. 

Data from the UK’s Office of National Statistics (ONS) shows trade between the two countries fell to £33 million (AED 143 million) in June, the lowest since records began 25 years ago, after the UK began to impose sanctions on Russia for its invasion of Ukraine,  which began six months ago today.

The sanctions meant fuel imports from Russia to the UK fell to zero in June, and imports for all commodities fell when compared with the monthly average up to February 2022, when the invasion started.

The monthly average of fuel imports prior to February 2022 was £499 million, and prior to the invasion, Russia was the UK’s largest supplier of refined oil in 2021, accounting for 24.1% of all imports as well as 5.9% of its crude oil and 4.9% of its gas imports.

“As a result of the UK Government's ambition to phase out imports of Russian oil and gas, there were no imports of refined oil, crude oil, gas or coal, coke and briquettes from Russia by June 2022,” the ONS said.

Refined oil imports have increased from Saudi Arabia, the Netherlands, Belgium and Kuwait in recent months, which have “partially compensated” for reduced imports from Russia.

ONS data showed total goods imports from Russia to the UK were above the £1.75 billion mark in January 2022 before they began to fall rapidly as sanctions resulting from the conflict took hold.

Exports to Russia from the UK increased slightly to June 2022 compared with the previous month but dropped by £168 million compared with the monthly average for the 12 months to February.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)

imogen.lillywhite@lseg.com