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• Russian imports account for 8% of total UK oil demand
• UK said it can import oil from other Netherlands, Saudi Arabia, and the US
United Kingdom will phase out Russian energy imports by the end of 2022, Prime Minister Boris Johnson said on Tuesday, in response to Putin’s decision to invade Ukraine.
“In another economic blow to the 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,” Johnson said in a statement.
Britain’s move added another blow to Russia as the former EU nation joined the United States in reducing its energy dependency on Russia.
The U.S. on Tuesday banned oil imports from Russia, along with natural gas and coal, as the western nations are seeking ways to deprive Moscow of economic resources.
The European Commission also on Tuesday published strategies to cut the EU’s dependency on Russian gas by as much as 66% this year and plans to achieve energy independence from Moscow “well before 2030”.
Soaring oil prices
At the time of reporting the U.S. oil benchmark, the West Texas Intermediate (WTI) crude March contract soared nearly 7% to $128 a barrel.
Brent crude, the global standard, jumped over 7% to nearly $132 a barrel.
On Monday, Brent crude hit its highest level in 14 years and reached around $140.
Following Russia’s invasion of Ukraine, crude prices exceeded $100 a barrel, raising worries of supply interruptions from Russia, which ranks third in global oil output, in an already tight market.
Picture Credit: FT