The UK will gradually reduce imports of Russian oil and stop buying crude from Russia by the end of this year, British Business, Energy and Industrial Strategy Minister Kwasi Kwarteng announced.
That period oftransition” will offer the British market nine months to adjust to the changes and secure new supply routes once crude and oil derivatives from Russia, which represent 8% of British demand, are banned.
Kwarteng advanced that the Government is also exploring the option of vetoing gas purchases as punishment for the invasion of Ukraine ordered by the Kremlin. The United Kingdom “not dependent on natural gas”Russian, which represents only 4% of domestic consumption, he stressed.
During 2022, London will negotiate with the United States, the Netherlands and Middle Eastern states, which already supply the majority of crude oil imports, to expand those deliveries, the minister detailed in a message on social media.
He stressed at the same time that the United Kingdom, which extracts oil in the North Sea, among other sources, has its own production capacity “significant”, as well as extensive accumulated reserves.
“The market has already started excluding Russian oil. About 70% of it can no longer find a buyer”, said Kwarteng, who made the announcement on the sidelines of a speech by US President Joe Biden, in which he announced the ban on imports of oil and gas from Russia.
British Prime Minister Boris Johnson argued on Monday against an immediate veto of hydrocarbons from Russia and defended the need to reduce dependence on Moscow “Step by Step”.
Source: Gestion
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