UK purchased no Russian gas in June for first time on document

UK purchased no Russian gas in June for first time on document


ritain purchased no gas from Russia in June for the primary time since data started greater than 25 years in the past.

Imports from Russia have been reduce off by the UK as a part of its financial sanctions because the invasion of Ukraine, six months in the past at the moment on February 24.

The worth of imports to Britain fell to £33 million in June, 97 per cent decrease than the common degree for the yr to February.

It was additionally the bottom degree since data started in January 1997, based on the Workplace for Nationwide Statistics.

Final yr, imports of Russian oil got here to greater than £5 billion, accounting for practically a tenth of all gas imported.

Russia has confronted a wave of economic and financial sanctions from western nations after invading Ukraine.

British exports to the nation fell to £83 million, a fall of 67 per cent in contrast with the common within the yr earlier than the invasion.

A £31 million rise within the sale of medicines and prescription drugs, which aren’t topic to sanctions, held up exports regardless of steep declines within the sale of all different items and companies.

The worth of equipment and transport gear bought to Russia fell by £118 million, or 91 per cent.

A European Union (EU) embargo on Russian oil is predicted to come back in later this yr, with imports of Russian fuel to be phased out by 2027.

The transfer, which has ramped up stress on governments to seek out alternate sources of vitality, is predicted to result in a interval of upper and extra risky vitality costs and price the EU €210 billion.

Russia was banned from the Swift system for worldwide funds in March and various Russian banks and oligarchs had their property frozen within the UK, forcing them to cease enterprise within the nation.

Commerce with Russia was comparatively small to start with: final yr it was the UK’s twelfth largest buying and selling companion for imports and twenty fourth largest for exports.

The highest three buying and selling companions for imports had been China, Germany and the US, whereas for exports this was the US, Germany and the Netherlands.

The UK purchased greater than £60 billion value of products and companies from China and bought practically £50 billion in exports to the US final yr.

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