Russia’s ambassador to London, Andrey Kelin, described the trajectory of bilateral economic relations with the United Kingdom as nearly reset by late 2022, a view he shared during a formal interview with a prominent UK newspaper. The diplomat noted that the sanctions regime imposed in response to Moscow’s actions had disrupted nearly every facet of the existing trade framework, making cross-border commerce appear nearly futile.
As Kelin observed, by June 2022 imports from Russia to the UK had fallen by roughly 97 percent, while UK exports to Russia contracted by about 90 percent. The ambassador pointed out that the primary exception involved British medicinal and pharmacological products that remained outside the restrictive measures.
In late February, British authorities broadened sanctions to include major Russian banks, government officials, and large state-affiliated enterprises. The London sanctions list extended to the head of the Ministry of Digital Development, Maksut Shadayev, and dozens of individuals connected to Rostec, Almaz-Antey, and Aeroflot. In total, the list includes 92 natural and legal persons, while the broader pattern of UK actions has surpassed 1,500 sanctions on Russian entities and individuals. (#)
Observers note that the drastic reduction in trade flows reflects not only punitive policy moves but also the wider financial and logistical shifts triggered by sanctions. The disruption has compelled both sides to reexamine supply chains, payment arrangements, and the viability of long-standing commercial partnerships. Analysts highlight that while the overall picture remains constrained, selective sectors may still display pockets of activity, especially in areas not subjected to restrictive measures. Such dynamics underscore the complexity of post-sanction economic engagement between Moscow and London, where policy intent, risk assessment, and practical access intersect in a fragile balance. (#)
Industry voices emphasize that the sanction regime has created a landscape where risk management, compliance, and governance play central roles for any bilateral venture. Businesses have had to adapt quickly, reassessing supplier networks, currency exposures, and regulatory compliance obligations. The UK authorities have consistently framed the policy as a response to geopolitical events, while industry participants cautiously explore the potential for narrowly crafted cooperation in non-sanctioned domains. (#)