UK to sanction Russian oil and coal
London has added oil and coal to its list of banned Russian imports, according to a notice to exporters published by the UK’s Foreign Trade Ministry on Thursday.
“This amendment prohibits the import of oil and oil products, coal and coal products and gold as well as the acquisition, supply and delivery, directly or indirectly of these goods. It also prohibits the provision of technical assistance, financial services and funds and brokering services relating to these goods,” the notice reads.
The ban on coal imports from Russia will take effect on August 10, coinciding with the start date of a Russian coal imports ban by the EU. The oil import ban will come into force on December 31. In addition, the previously announced ban on Russian gold imports to the UK came into force on Thursday, July 21, the notice said.
In 2021, the UK imported $267 million worth of Russian coal and coal products, $1.4 billion worth of crude oil, $3 billion worth of oil products, and $15 billion worth of gold, according to data compiled by Russian business daily RBC.
A full embargo on these Russian goods will affect 80% of all UK imports from Russia, which amounted to $24.9 billion last year. However, London has not yet published the complete list of codes for Russian products that will be banned from entering the country.
In April, the British government banned the import of silver and caviar from Russia, as well as iron and steel. Then London extended sanctions on Russian imports and exports at the end of June, banning the supply of jet fuel, goods and technologies related to oil and its processing, and the British currency – the pound sterling – to Russia.
The UK’s latest announcement comes a day after EU countries agreed on a seventh package of sanctions against Russia. The list of new restrictive measures will include an embargo on Russian gold imports, the blacklisting of more than 50 individuals and legal entities, and expanded clarifications on trade and financial sanctions that have already been introduced.
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