UK to ban Russian oil imports, says website – 03/08/2022

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Politico said the UK would ban Russia’s oil imports, which are expected to come out 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-in 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 yesterday 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”.

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