Business Secretary Kwasi Kwarteng said it would give ‘more than enough time’ for businesses to adjust.
08 March 2022
The UK will phase out the import of Russian oil and oil products by the end of the year, the Business Secretary has announced.
The move announced by Kwasi Kwarteng is expected to be matched by US President Joe Biden as the West looks to tighten the squeeze on the Russian economy following Moscow’s invasion of Ukraine.
In a statement posted on Twitter, the Business Secretary said: “This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand.”
NEW – the UK will phase out the import of Russian oil and oil products by the end of 2022.
This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand.
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— Kwasi Kwarteng (@KwasiKwarteng) March 8, 2022
He urged businesses to “use this year to ensure a smooth transition so that consumers will not be affected”.
