UK to make gas payments to Gazprombank under license valid until May 31

By Zeynep Beyza Kilic

ANKARA (AA) - The UK will deposit gas payments to Russia's Gazprombank and its subsidiaries under a general license issued by the Financial Sanctions Enforcement Authority (OFSI) on Thursday.

The license, which is valid for over one month from April 21 to May 31, is designed to "ensure the availability of gas in the European Union," OFSI said.

Payments will cover contracts negotiated before April 21.

The country buys less than 4% of its natural gas from Russia, with about half of its gas sourced from the North Sea and a third imported from Norway.

The UK is one of the few European countries that does not rely heavily on Russia for its gas needs. Yet, it plans to further reduce its purchases from Russia.

The government plans to devise an energy strategy for the UK's long term plans for greater energy security, including renewables and domestic oil and gas supplies.

When the war started between Russia and Ukraine on Feb. 24, the UK had announced plans to phase out Russian oil by the end of the year.