The closure of all UK ports to Russian ships will disrupt annual Russian exports worth £17 billion ($23 billion), according to an analysis by data and analytics firm Russell Group.
Further analysis by Russell shows that a significant amount of the £17 billion of trade between Russia and the UK is in precious stones and jewelry (£14 billion).
A significant amount is Russia’s crude oil exports to the 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 into any UK port and that any vessel thought to be owned, controlled, chartered or operated by anyone connected with Russia should be banned from entering.
Today I have written to all UK ports asking them not to provide access to any Russian flagged, registered, owned, owned, controlled, chartered or operated vessel owned, controlled, chartered or operated by Russia. More sanctions against Russian shipping companies will be worked out.
“With the international community stepping up its response to Russia’s invasion of Ukraine through a series of economic sanctions, our analysis shows how interconnected global trade is now, with sanctions affecting both the UK and Russia,” commented Suki Basi, managing director of Russell Group.
“Being able to access timely, real-time data will ensure that all (re)insurers and their corporate clients have the tools they need to navigate and understand their trade landscapes. Data that drives more granular analysis is becoming an essential component in a modern company’s arsenal. Actionable information is opening up new frontiers in risk management.”