London, 2nd March 2022 – £17 billion ($23 billion) of annual Russia exports to the UK will be disrupted by the closure of all UK ports to Russian ships according to analysis conducted by Russell Group, a data and analytics company.
Further analysis by Russell shows that a significant amount of the £17 billion Russia-UK trade is in precious stones and Jewellery (£14 billion). A significant amount is Crude Oil exports from Russia to UK (£1.4 billion).
The analysis comes as Grant Shapps, the Transport Secretary said in a letter to all UK ports that Russian vessels would not be allowed to any UK ports and any vessel thought to be owned, controlled, chartered, or operated by any person connected with Russia should be barred.
Further sanctions are to be drawn up against Russian shipping firms.
Suki Basi, Russell Group MD, commented on the figures:
“With the international community stepping up its response to the Russian invasion of Ukraine through a series of economic sanctions, our analysis shows just how interconnected global trade has now become, with the sanctions impacting both the UK and Russia.
“Being able to access timely, real-time data will ensure that all (re)insurers and their corporate clients have the required tools to navigate and understand their trading landscapes. Data insights that drive more granular analysis is becoming an essential component in a modern company’s arsenal. Actionable insights are opening up new frontiers in risk management.”
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