UK to phase out Russian oil imports by end of 2022

UK to phase out Russian oil imports by end of 2022

The announcement came in coordination with an embargo on Russian oil announced by US President Joe Biden.







AFP









March 08, 2022 / 10:27 PM IST





The oil sanction does not apply to Russian natural gas, which accounts for some four percent of UK supply (Representative image/Reuters)



Britain said Tuesday it would phase out Russian oil imports by the end of this year, in line with new sanctions announced by the United States following the invasion of Ukraine.

"This transition will give the market, businesses and supply chains more than enough time to replace Russian imports -– which make up 8.0 percent of UK demand," Business Secretary Kwasi Kwarteng tweeted.

The oil sanction does not apply to Russian natural gas, which accounts for some four percent of UK supply. But Kwarteng said he was "exploring options to end this altogether".

The announcement came in coordination with an embargo on Russian oil announced by US President Joe Biden.

It risks exacerbating a cost-of-living crisis in Britain, with prices of petrol and diesel already surging amid market turmoil following energy-rich Russia's aggression against Ukraine.

Catch live updates of Russia-Ukraine military conflict

But Kwarteng said most of Britain's crude oil imports