LONDON (Reuters) – Politico has said Britain will ban Russia’s oil imports, which are expected to exit gradually over time rather than overnight.
The move was announced to ET at 1:00 pm and is expected to establish a ban and its phase-building period, which is expected to last about a year in an effort to prevent people from panicking when buying fuel at a time when energy prices are skyrocketing. .
Politico says there will not be a one-time ban on Russian gas, but it is still under discussion within the government.
British Prime Minister Boris Johnson said on Monday that his government would devise a new energy supply strategy as the Russian invasion of Ukraine and rising energy prices accelerated the demand for new energy sources and greater self-sufficiency.
Earlier on Tuesday, oil prices rose in anticipation of the US announcing a formal ban on Russia’s oil imports.
On Tuesday, the European Commission announced plans to reduce the EU’s dependence on Russian gas by two-thirds this year and end its dependence on Russian gas supplies “before 2030”.
(Report by Kylie McClellan)
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