UK to phase out Russian oil imports by end of 2022

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 attack on 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.

But Kwarteng said most of Britain’s crude oil imports come from “reliable partners” such as the United States, the Netherlands and Gulf states.

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