London, Thanasis Gavos
The United Kingdom will end gradually by the end of 2022 The import of Russian oil and its derivatives was announced via Twitter by the Minister of Business Kwasi Quarteng, in a move that is in line with similar actions by Brussels and Washington.
The minister commented that this gradual transition would give the country’s markets, businesses and oil supply chains “more than enough time to replace Russian imports, which account for 8% of UK demand”.
Mr. Quarteng called on businesses to take advantage of this eight-month period to ensure a smooth transition to the new reality, so as not to affect consumers.
He also announced recommendation one new Working Group for Oil so that there is government coordination with energy companies in order to rely on the search for alternative oil supplies.
He added that the United Kingdom is a major producer of oil and petroleum products, and also has significant reserves. The minister also noted that there are imports from “reliable” partners, such as the US, Norway and Gulf countries.
Mr. Quarteng went on to note that the market has already begun to expel Russian oil, with 70% of it not finding a buyer.
With regard to Russian gas, the Minister of Operations concluded, the UK does not depend on it, as only 4% of needs of the country is covered by Russian imports. “I am considering options to end them completely,” he added.
NEW – the UK will phase out the import of Russian oil and oil products by the end of 2022.
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.
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– Kwasi Kwarteng (@KwasiKwarteng) March 8, 2022
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