UK to phase out Russian oil imports by end of 2022

By Ahmet Gurhan Kartal

LONDON (AA) - The UK announced on Tuesday that it would "phase out" imports of Russian oil and oil products by the end of this year.

"The UK will phase out the import of Russian oil and oil products by the end of 2022," Kwasi Kwarteng, secretary of state for business, energy and industrial strategy, said on Twitter.

Kwarteng the transition would "give the market, businesses and supply chains more than enough time to replace Russian imports," which he said make up 8% of UK demand.

"Businesses should use this year to ensure a smooth transition so that consumers will not be affected."

He also vowed that the government would work with companies through a new taskforce on oil to "support them to make use of this period in finding alternative supplies."

Underlining that the UK is a "significant producer of oil and oil products," he noted that it also holds "significant" oil reserves.

"Beyond Russia, the vast majority of our imports come from reliable partners such as the US, Netherlands and the Gulf. We'll work with them this year to secure further supplies."

The British secretary also wrote that the market has already "begun to ostracise Russian oil, with nearly 70% of it currently unable to find a buyer."

"Finally, while the UK is not dependent on Russian natural gas -- 4% of our supply -- I am exploring options to end this altogether."