Britain imported no fuel from Russia in June for the first time since records began 25 years ago, as sanctions on Moscow in response to its invasion of Ukraine helped drive a 97% fall in imports of Russian goods, official data showed on Aug. 24.
The British government has banned the import of some Russian products and hiked tariffs on others as part of its economic sanctions package. It has also said it will phase out imports of Russian oil and oil products by the end of 2022.
The Office for National Statistics (ONS) said there had been a sharp and continued decrease in fuel imports from Russia since March, with June’s zero imports representing a decrease of 499 million pounds (US$588 million) compared with the monthly average for the 12 months before the invasion in February this year.
Russia was the U.K.’s largest supplier of refined oil in 2021, the ONS said. By June, there were no imports of refined oil, crude oil, gas or coal, coke and briquettes from Russia.
The ONS said that imports of refined oil from Saudi Arabia, the Netherlands, Belgium and Kuwait had increased, as importers sought alternatives.
Domestic gas production in the U.K. also rose 26% in the first half of this year compared to the same period last year, an industry body said on Aug. 24.
The ONS data showed imports of goods from Russia fell to 33 million pounds in June, the lowest since records began in January 1997 and a 96.6% fall compared with the average monthly imports in the 12 months to February.
While Britain’s economic sanctions on Russia likely drove the fall in trade, businesses “self-sanctioning” or voluntarily seeking alternatives to Russian goods, was also a likely factor, the ONS said.
British exports to Russia recorded a slight month-on-month increase in June, but have still dropped by two-thirds compared with the monthly average for the 12 months to February, the data, which doesn't include trade in services, showed.
The increase was driven by 39.1 million pounds of exports of drugs and medicines, which are exempt from sanctions.
(US$1 = 0.8454 pounds)
Recommended Reading
Report: Diamondback in Talks to Buy Double Eagle IV for ~$5B
2025-02-14 - Diamondback Energy is reportedly in talks to potentially buy fellow Permian producer Double Eagle IV. A deal could be valued at over $5 billion.
Diamondback Closes TRP Acreage Swap for Midland Assets
2025-02-25 - Diamondback Energy added southern Midland Basin locations through an acreage swap with TRP Energy.
After Big, Oily M&A Year, Upstream E&Ps, Majors May Chase Gas Deals
2025-01-29 - Upstream M&A hit a high of $105 billion in 2024 even as deal values declined in the fourth quarter with just $9.6 billion in announced transactions.
Elk Range Acquires Permian, Eagle Ford Minerals and Royalties
2025-01-29 - Elk Range Royalties is purchasing the mineral and royalty interests of Newton Financial Corp., Concord Oil Co. and Mission Oil Co.
Report: Will Civitas Sell D-J Basin, Buy Permian’s Double Eagle?
2025-01-15 - Civitas Resources could potentially sell its legacy Colorado position and buy more assets in the Permian Basin— possibly Double Eagle’s much-coveted position, according to analysts and media reports.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.