£17 billion of Russia to UK trade will be disrupted as UK closes its ports amid ongoing conflict

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Goods worth  £17 billion worth of Russian exports to the UK are set to be disrupted amid the travesty happening in Ukraine.

According to analysts from data and analytics company Russell Group, 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.

Suki Basi, Russell Group MD said: “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.”

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