The UK has not reduced its total gas imports; Russian gas has been largely replaced by gas from elsewhere.
According to government data, the UK imported no fuel from Russia in June for the first time on record. The Office for National Statistics said, “Imports of goods from Russia also decreased to £33m in June, the minimum level from the time records started in January 1997.”
Western countries have levied harsh sanctions on Russia since the time it invaded Ukraine in February. The UK has promised to phase out Russian oil imports by the end of the year and gas imports as early as possible. Fuel imports from Russia decreased by £499m, or 100%, in comparison to the average for the last 12 months to February.
According to the International Energy Agency, the UK imported approximately 4% of its gas from Russia and 11% of its oil in 2021.
Exports of several goods to Russia had also been significantly reduced by June, with machinery and transport. Equipment sales dropped by 91.3% to £118m. Specifically, exports to Russia were reduced by nearly 70% to £168m, in comparison to the monthly average in the 12 months to February.
The only products to see a little increase were chemicals, as determined by the rise in exports of medicinal pharmaceutical products, which are free from sanctions.
Trade between Russia and the UK
The ONS said that apart from government-imposed sanctions, trade between Russia and the UK was minimised as businesses willingly looked for alternatives to Russian goods.
The information was made public as Ukraine celebrated its sixth anniversary of independence, exactly six months after the Russian invasion began.
The figure does not contain services, where the UK has previously made huge sums through consultants, accountants, and lawyers in London, suggesting Russian businesses and rich people. Since, as we are discussing imported goods, it seems like sanctions have been largely efficient.
According to the ONS, we imported no fuel from Russia in June, although we usually import an average of approximately half a billion pounds. Before the war, gas imported from Russia was approximately 4.9%. of total UK gas imports; today it is reduced to zero.
The UK has not reduced its total gas imports; Russian gas has been largely replaced by gas from elsewhere. That shows the apparent mismatch between the repercussions of war on the supply of wholesale gas to the UK and the shift in the prices we are paying. Many fears are built into the wholesale natural gas price as a result of market speculation on potential supply.
Disruptions to Germany, Italy, and other Russian gas-dependent nations. Our gas supply is a lot safer. However, because the energy price cap is linked to international wholesale gas prices, the risk is that When the price cap is re-set in October, millions of households will end up paying unnecessarily large bills with a
They have a great deal of unnecessary fear built into them. Due to Russia’s invasion, the EU has said it would cut gas imports from Russia by two-thirds within a year and It has also been decided to prohibit all Russian oil imports that enter the sea by the end of the year. In the meantime, the US has levied a total prohibition on Russian oil and gas imports.
