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UKRAINE: UK to phase out Russian oil

THE UK government is set to phase out Russian oil and oil products by the end of 2022.

It stated that the transition period will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand.

The EU has also today made moves to reduce the continent’s reliance on Russian gas, saying it aims to cut its demand by two thirds by the end of the year.

The UK is less reliant on Russian fossil fuels than many European countries. But Russian supplies still make up 8% of overrall imports into the UK, and 18% of UK diesel comes from Russia.

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