Britain: embargo on Russian oil by the end of 2022

The decision will not be implemented immediately, in order to give enough time to the market and companies to find alternatives.

7576576 Britain, Ukraine, OIL, Russia

Shortly after US President Joe Biden announced that Washington was banning Russian oil and gas imports to the United States, it was Britain's turn to officially announce that it would suspend imports of Russian oil and petroleum products by 2022. , to give enough time to the market and businesses to find alternatives.

It is noted that Russian oil imports cover 8% of demand.

"The government will also work with the companies through a new 'Oil Impact Force' to support them at this time, to find alternative providers," said Energy and Entrepreneurship Minister Kwasi Quarteng.

Earlier, the news was announced by Politico, noting that it is a matter of hours before the official announcements are made by the British government.

The British Prime Minister, Boris Johnson, said on Monday that his government would set out a new strategy for energy supply, as the Russian invasion of Ukraine and the consequent rise in prices accelerate the need for new energy sources and greater energy independence of the country.