An analysis by the data and analytics company Russel Group has shown that US$23 billion (£17 billion) of annual Russian exports to the United Kingdom (UK) will be disrupted by the closure of all UK ports to Russian ships.
The analysis indicates that out of the total amount of US$23 billion in Russia-UK trade, US$18.6 billion (£14 billion) of them is precious stones and jewellery, and almost US$1.9 billion (£1.4 billion) is crude oil exports from Russia.
The analysis comes as the transport secretary Grant Shapps 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.
In the meantime, further penalties are expected to be drawn up against Russian shipping companies.
Suki Basi, Russell Group managing director, commented, “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.”
