BAKU, Azerbaijan, Mar. 8
Trend:
The UK will phase out the import of Russian oil and oil products by the end of 2022, Secretary of State for Business, Energy and Industrial Strategy of United Kingdom Kwasi Kwarteng wrote on his Twitter page, Trend reports.
"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.
Businesses should use this year to ensure a smooth transition so that consumers will not be affected. The government will also work with companies through a new Taskforce on Oil to support them to make use of this period in finding alternative supplies.
The UK is a significant producer of oil and oil products, plus we hold significant reserves. Beyond Russia, the vast majority of our imports come from reliable partners such as the US, Netherlands and the Gulf. We’ll work with them this year to secure further supplies.
The market has already begun to ostracise Russian oil, with nearly 70% of it currently unable to find a buyer.
Finally, while the UK is not dependent on Russian natural gas - 4% of our supply - I am exploring options to end this altogether," he wrote.