UK will penalise Russian coal and oil

Later this year, the import quotas will go into force.

According to a notification to exporters published by the UK's Foreign Trade Ministry on Thursday, London has now added coal and oil to its list of prohibited Russian imports.

This amendment forbids the importation of gold, coal, and coal products as well as the purchase, supply, and delivery of these materials directly or indirectly. The notification states that it is also unlawful to offer technical support, financial services, financing, or brokering services in connection with these goods.

The EU's embargo on Russian coal imports will begin on August 10 and coincide with the start of the Russian coal imports restriction. On December 31, the importation of oil will be prohibited. On Thursday, July 21, the notice added, the previously announced embargo on Russian gold imports into the UK became effective.

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.

80 percent of the UK's $24.9 billion worth of imports from Russia last year would be impacted by a comprehensive embargo on these products. The full list of codes for Russian goods that will be prohibited from entering the nation has not yet been made public by London.

The import of iron and steel, as well as silver and caviar from Russia, was prohibited by the British government in April. At the end of June, London expanded its sanctions against Russian imports and exports, outlawing the export of British currency (the pound sterling), oil-related products and technologies, and jet fuel 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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