Britain to phase out Russian oil imports by end of 2022 & More News Here

Models of pump jack and oil barrels are seen in entrance of the displayed UK and Russia flag colors on this illustration taken March 8, 2022. REUTERS/Dado Ruvic/Illustration

LONDON, March 8 (Reuters) – Britain will phase out imports of Russian oil and oil merchandise by the end of 2022 and think about banning its pure gasoline, becoming a member of different nations, together with the United States, in a transfer to punish Moscow over the invasion of Ukraine.

As half of the worldwide response to the warfare, Britain and others are in search of methods to deprive Moscow of revenue and reduce their very own use of Russian vitality exports by changing into extra self-sufficient.

Britain’s enterprise minister Kwasi Kwarteng stated he was exploring choices to end British imports of Russian gasoline which accounts for about 4% of provide within the nation.

Earlier Shell (SHEL.L) grew to become one of the primary main Western oil firms to abandon Russia totally, whereas the as soon as unthinkable strikes on Russian oil by the United States and Britain despatched oil costs surging on fears of restricted provide and extra disruption. Shares in British and European vitality companies rose. learn extra

“In another economic blow to the (Vladimir) 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,” Prime Minister Boris Johnson stated in a press release.

“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.”

Russia describes its actions as a “special operation” to disarm Ukraine and unseat leaders it calls neo-Nazis.

Johnson has promised to set out a brand new vitality provide technique, as his authorities braces for the fallout from a 54% leap in client gasoline and electrical energy payments due in April, and better costs at petrol pumps.

Business minister Kwarteng known as on companies to use the remaining of this yr to guarantee a clean transition, and stated the federal government would arrange a taskforce to work with companies to discover different suppliers.

“This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand,” Kwarteng stated on Twitter.

“The UK is a significant producer of oil and oil products, plus we hold significant reserves… Finally, while the UK is not dependent on Russian natural gas – 4% of our supply – I am exploring options to end this altogether.”

Also on Tuesday, the European Commission revealed plans to reduce the EU’s dependency on Russian gasoline by two-thirds this yr and end its reliance on Russian provides of the gas “well before 2030”. learn extra

Reporting by Kylie MacLellan, William James and Elizabeth Piper
Editing by William Schomberg and Jane Merriman

Our Standards: The Thomson Reuters Trust Principles.

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