The move is understood to be in retaliation for the invasion of Ukraine
The UK government has announced plans to phase out all imports of Russian oil by the end of 2022.
Business and Energy Secretary Kwasi Kwarteng confirmed the move on Twitter, writing “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”.
He said “the market has already begun to ostracise Russian oil, with nearly 70% of it currently unable to find a buyer.”.
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
The move will be in concert with the United States, who announced a ban on Russian oil and other energy imports shortly after the UK on Tuesday afternoon.
President Biden said the US ban on Russian oil will be a “powerful blow” to “Putin’s war”, but warned that the price of defending freedom will hit the wallets of ordinary Americans.
The ban will be phased in over the coming year, leaving the UK with just nine months to adjust to buying stocks from US and the Middle East.
Earlier on Tuesday, a top Russian official warned that a Western ban on Russian oil imports could result in oil prices more than doubling and could lead to the closure of the main gas pipeline from Russia to Germany.
In a statement on state television on Monday, Russian Deputy Prime Minister Alexander Novak said it was “absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market.
“The surge in prices would be unpredictable,” he said. “It would be $300 per barrel if not more.”
The turmoil has already catapulted oil prices to their highest levels since 2008.
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