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Sanctions Against Russia Saw Imports Sink To 21-Year Low In May

In May, imports from Russia sunk to their lowest point in over two decades as sanctions continued to impact the country’s trading relations.

Posted: 13th July 2022 by Finance Monthly
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According to data from the Office for National Statistics (ONS), the UK imported £206 million of goods from Russia in May, a figure down 16% from the £244 million imported in April and 90% lower than in February.  

The sanctions also saw crude oil imports hit £0 in May from $59 million in April and £99 million in February. 

Following Russia’s unprovoked invasion of Ukraine in late February, Europe, the US, and other nations have imposed a series of tough sanctions against Moscow and this has severely impacted the Russian economy. 

However, many European countries are still struggling to boycott Russian fossil fuels, particularly gas, as this makes up a major proportion of the energy supply for many. 

Back in March, German economic and energy minister Robert Habeck warned, “If we flip a switch immediately, there will be supply shortages, even supply stops in Germany.”

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