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According to the latest UK government’s statement, on Tuesday the United Kingdom will taper its imports of Russian energy and oil products by the end of the current year 2022.
This move will give the market, businesses and supply chains more than enough time to replace Russian imports by similar goods from other sources.
Russian oil production currently makes up 8% of UK demand. Businesses should use this year to ensure a smooth transition so that consumers will not be affected, the statement continued.
The government will also be working with companies through a new task force on oil to support them to make use of this period in finding alternative supplies.
The UK added that it will work with other import partners this year to secure further supplies and stated that is it 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 altogether.
