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”.
Henry Blackwell is a contributor at Mediarunsearch.co.uk, covering a wide range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on delivering clear, balanced reporting and useful information that helps readers stay informed about current events and emerging developments. His work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism.