UK to phase out Russian oil imports by end of 2022

Mar 8, 2022: According to a report by Reuters, the UK will phase Russian oil and gas product imports by the end of 2022, Prime Minister Boris Johnson announced, joining other nations including the United States in reducing their energy dependency on Russia.

“In another economic blow to the Putin regime following their illegal invasion of Ukraine, the UK will move away from dependence on Russian oil throughout this year, building on our severe package of international economic sanctions,” Johnson said in a statement.

“Working with industry, we are confident that this can be achieved over the course of the year, providing enough time for companies to adjust and ensuring consumers are protected.”

In response to President Vladimir Putin’s decision to invade Ukraine, Britain and other countries are seeking ways to deprive Moscow of its revenue and reduce its use of Russian energy exports by becoming self-sufficient.

In a coorinated effort, the U.S, the world’s largest oil consumer, announced a ban on Russian oil imports. In anticipation of action from Britain and the United States, oil prices rose, with Brent exceeding 13 132 a barrel.

Also on Tuesday, the European Commission announced plans to reduce the EU’s dependence on Russian gas by two-thirds this year and end its dependence on Russian fuel supplies “before 2030”.

Britain’s Secretary of state for business, Kwasi Kwarteng called on businesses to use the rest of this year to ensure a smooth transition, and said the government would set up a taskforce to work with firms to find alternative suppliers.

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U.S to ban all imports of oil and gas from Russia