Overseas Trade: Russia

Department for International Trade written question – answered on 15th June 2022.

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Photo of Matt Vickers Matt Vickers Conservative, Stockton South

To ask the Secretary of State for International Trade, what assessment her Department has made of the effectiveness of UK sanctions against Russia on reducing trade with that country.

Photo of Mike Freer Mike Freer Assistant Whip, Parliamentary Under-Secretary (Department for International Trade), Parliamentary Under Secretary of State (Foreign, Commonwealth and Development Office) (Minister for Equalities)

In lockstep with allies, we continue to impose the largest, most severe economic sanctions Russia has faced.

Sanctions imposed by the UK and international partners are having damaging consequences for Putin’s ability to wage war, with around £275 billion – up to 60% of Russian foreign currency reserves – currently frozen.

Foreign, Commonwealth and Development Office analysis shows Russia is heading for the deepest recession since the Soviet Union’s collapse, deeper than the 2008 global financial crisis. Estimates for Russia’s GDP in 2022 range from -8% to -15%, with the IMF forecasting the economy to continue shrinking a further 2.3% in 2023.

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