According to a statement issued by the UK government, the UK will phase out its imports of Russian oil and oil products by the end of 2022, Reuters reported on Tuesday.
This transition will give the market, businesses and supply chains more than enough time to replace Russian imports, which currently account for 8% of UK demand. Companies should use this year to ensure a smooth transition so that consumers are not affected, the statement continued, adding that the government will also work with companies through a new oil task force to help them take advantage of this period to find alternative supplies.
The UK added that it will work with other import partners this year to secure more supplies and said it is not dependent on Russia for natural gas imports, which make up just 4.0% of the country’s supply. The UK is exploring options to end this entirely.
