UK to phase out Russian oil imports by end of 2022: AFP

Economy

Published: 2022-03-08 19:54

Last Updated: 2024-03-28 23:20


UK to phase out Russian oil imports by end of 2022: AFP
UK to phase out Russian oil imports by end of 2022: AFP

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 military operation in Ukraine, according to AFP.

"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.”


Also Read: US bans Russian oil imports


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.

"We'll work with them this year to secure further supplies," he said.

"The market has already begun to ostracize Russian oil, with nearly 70 percent of it currently unable to find a buyer," the business minister added.

Kwarteng announced a new government taskforce on oil to help companies transition away from Russian oil.

British dockers at a facility in northwest England on Saturday refused to unload Russian oil from a tanker, calling for the government to close a "loophole" in sanctions allowing deliveries from foreign-flagged ships.