Britain to Increase Oil Production After Cutting Russian Imports

Britain will increase its oil and gas production, Transport Secretary Grant Shapps said on Wednesday, after it said it would ban Russian oil supplies at the end of the year.

Britain said on Tuesday it would phase out imports of Russian oil and petroleum products by the end of 2022 and consider banning Russian natural gas, joining countries such as the United States in a move aimed at punishing Moscow for its invasion of Ukraine.

British Prime Minister Boris Johnson has pledged a new energy supply strategy, as his government braces for the consequences of a 54 percent jump in consumers’ gas and electricity bills starting in April, as well as higher prices at gas stations.

But Shapps said he believed the British would accept the financial cost of the ban.