Goods worth £17 billion worth of Russian exports to the UK are set to be disrupted amid the tension between Ukraine and Russia, according to data and analytics company Russell Group.
The company notes that a ‘significant amount’ of the £17 billion Russia-UK trade is in precious stones and jewellery (£14 billion). Some of the value is in crude oil exports from Russia to UK (£1.4 billion).
The analysis comes as Transport Secretary Grant Shapps, said in a letter to all UK ports that Russian vessels would not be allowed to enter any UK ports and any vessel thought to be owned, controlled, chartered, or operated by any person connected with Russia should be barred.
Earlier, Foreign Secretary Liz Truss had commented that:
The ban on Russian ships from UK ports, and new economic sanctions against key Russian financial institutions including its central bank, in close coordination with our allies, will degrade Russia’s economy and help make sure Putin loses
In addition, the UK has worked in close partnership with the US and European Union on the sanctions introduced today to prevent the Russian Central Bank from using its foreign reserves in ways that allow it to lessen the financial impact.
Furthermore, Sberbank, Russia’s largest bank, which accounts for 35% of the financial sector, has been prohibited from clearing sterling payments through the UK’s financial system. The UK has already sanctioned Russia’s second largest bank, VTB, as well as 8 other financial institutions.