British Business and Energy Minister Kwasi Quarting announced Tuesday that the United Kingdom will halt imports of Russian crude oil and petroleum products by the end of 2022 in response to Russia’s invasion of Ukraine.
“This transition will give the market, businesses and supply chain enough time to replace Russian imports, which represent 8% of British demand,” Quarting said.
He stressed that “the United Kingdom is a major producer of oil and petroleum products and also has a large stockpile of them. In addition to Russia, the majority of imports come from reliable partners such as the United States, the Netherlands and the Gulf states.”
The minister pointed out that the oil market has already begun to reject Russian oil, as there is no buyer for about 70%” of it and that the United Kingdom does not depend on Russian natural gas, which represents only 4% of the country’s supplies. He concluded: “I am studying options to put an end to for these imports.
On Tuesday, US President Joe Biden announced a ban on US imports of Russian oil and gas.