By the end of 2022, the UK will phase out Russian oil and oil products imports. It might consider banning Russian natural gas.
In a move to punish Moscow for its invasion of Ukraine.
Joining other countries, including the USA as well.
The United Kingdom and several other nations are exploring methods to deny Moscow of cash. In an attempt to reduce their own dependency on Russian energy exports.
As a result, striving to be more self-sufficient as part of the global response to the war.
The nations’ business minister, Kwasi Kwarteng, said he was looking at options to stop buying Russian gas, which accounts for around 4% of the country’s supply.
Shell (SHEL.L) was one of the first big Western oil firms to completely quit Russia.
Russia claims its efforts a “special operation” aimed at disarming Ukraine and deposing neo-Nazi leaders.
As his government prepares for the consequences from a 54 percent increase in consumer gas and electricity bills due in April. Along as well as higher costs at the pump, Johnson has promised to lay out a new energy supply strategy.
Kwarteng, the minister of business, urged companies to use the rest of the year to guarantee a smooth transition. The government said that they would form a taskforce to help companies locate new suppliers.
“This transition will provide more than enough time for the market, firms, and supply chains to replace Russian imports, which account for 8% of UK demand,” Kwarteng stated on Twitter.
“The United Kingdom is a major producer of oil and oil products, with large reserves…
Finally, while the UK is not reliant on Russian natural gas (which accounts for only 4% of our supplies), I am looking for ways to end this alternative “”Gether,” she says.