The British Office for National Statistics reported that in June, the United Kingdom (UK) did not import a single litre of Russian fuel for the first time since data first started to be collected in January 1997. It did not import any refined oil, crude oil, gas or coal, coke, or briquettes from Russia.
It marks a seismic shift for a country that was importing on average $590 million worth of Russian fuel just 6 months ago, at the start of the Ukraine war.
Before the war, Russia accounted for 24.1% of the UK’s fuel imports, making it the largest supplier of refined oil in 2021. Russia also provided 5.9% of the UK’s crude oil imports and 4.9% of its gas imports. According to the International Energy Agency, 11% of the UK’s oil was also imported from Russia too. In total, Russia’s fossil fuel exports to the UK amounted to $5.4 billion.
However, on March 8, the British government declared a plan to completely phase out Russian oil imports, with Business Secretary Kwasi Kwarteng saying the measure was designed to “choke off a valuable source of income and hit (Russia’s) ability to impose further misery on the Ukrainian people.” She reassured that supply chains would gradually adjust.
According to the plan, while importing oil was allowed, British businesses would be asked to pivot to alternative sources of oil, such as Saudi Arabia, Kuwait, the Netherlands, and Belgium, which have stepped in to fill the gap. The United States, Norway, Guyana, and Angola, too, have provided the UK with $1.23 billion in crude oil since March.
The UK has also sought to strengthen its domestic gas production, which rose 26% in the first six months, enough to heat roughly 3.5 million homes.
UK imports of refined oil products from the UAE have quintupled since sanctions were imposed on Russia. Abu Dhabi is literally keeping British motorists on the road. pic.twitter.com/EoInhryLWr
— Andy Critchlow (@baldersdale) August 24, 2022
While imports of all commodities from Russia have reached their all-time low (down 96.6%), exports to Russia saw a minor increase from March to June. Pharmaceutical products are exempt from sanctions, and the export of chemicals to Russia increased over this period. That being said, compared to the 12-month monthly average from February 2021 to February 2022, overall exports to Russia have dropped by 66.9%.
Apart from the UK, other Western countries have also been seeking to reduce their reliance on Russian fuel imports since the Ukraine invasion. In May, the European Union bans 75% of Russian oil imports and set a 90% target for the end of the year. Likewise, the United States has completely banned Russian oil and gas imports.