UK to phase out Russian oil imports by end of 2022
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
• 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.
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.