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    Home»Top Global News»UK Govt to phase out Russian oil imports

    UK Govt to phase out Russian oil imports

    Aditi GuptaBy Aditi Gupta2 Mins Read Top Global News March 17, 2022
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    Russian oil imports
    Models of pump jack and oil barrels are seen in front of the displayed UK and Russia flag colours in this illustration taken March 8, 2022. REUTERS/Dado Ruvic/Illustration
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    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 oil imports, which account for around 4% of the country’s supply.

    Shell (SHEL.L) was one of the first big Western oil firms to completely quit Russia.
    Meanwhile, Energy companies in the United Kingdom and Europe saw their stock prices rise.
    “Building on our tough package of international economic penalties, the UK will move away from dependency on Russian oil throughout this year, dealing another economic blow to the (Vladimir) Putin government following their illegal invasion of Ukraine,” Prime Minister Boris Johnson said in a statement.
    “By working with industry, we are convinced that this can be done over the course of the year, giving companies some time to change while also protecting consumers.”
    US and UK’s previously unimaginable moves on Russian oil drove oil prices to rise. On fears of limited supply and further instability. 
    Russia claims its efforts a “special operation” aimed at disarming Ukraine and deposing neo-Nazi leaders.

    As his government prepares for the consequences of 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 task force 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.

    Global Economy Oil Russia UK Ukraine
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    Aditi Gupta

    A writer and a photography enthusiast, with a zest for reading and traveling. Wants to bring change to the world, and when not editing, she spends her time on the guitar.

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