The U.K. is to phase out all imports of oil from Russia by the end of the year the Government has announced
This transition period will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand, it said.
The announcement from the Business Secretary followed an earlier one from President Biden
that the United States has banned energy imports from Russia
Joe Biden says the move means the “American people will deal another powerful blow” to Putin’s leadership.
It comes on top of earlier news that The EU wants to vastly reduce Russian gas imports this year
The European commission said it could erase a huge share of its dependency on Russia by tapping new gas supplies, ramping up reserves for next winter and accelerating efforts to be more energy efficient.
“By the end of this year, we can replace 100 billion cubic metres of gas imports from Russia. That is two-thirds of what we import from them,” EU Commission vice president Frans Timmermans told reporters in Strasbourg, France.
“This will end our over-dependency and give us much needed room to maneuvre,” added Mr Timmermans, who leads EU policy-making on energy and climate change.
