LONDON (Reuters) – Politico has said Britain will ban Russia’s oil imports, which are expected to exit gradually over time rather than overnight.
The move was announced to ET at 1:00 pm and is expected to establish a ban and its phase-building period, which is expected to last about a year in an effort to prevent people from panicking when buying fuel at a time when energy prices are skyrocketing. .
Politico says there will not be a one-time ban on Russian gas, but it is still under discussion within the government.
British Prime Minister Boris Johnson said on Monday that his government would devise a new energy supply strategy as the Russian invasion of Ukraine and rising energy prices accelerated the demand for new energy sources and greater self-sufficiency.
Earlier on Tuesday, oil prices rose in anticipation of the US announcing a formal ban on Russia’s oil imports.
On Tuesday, the European Commission announced plans to reduce the EU’s dependence on Russian gas by two-thirds this year and end its dependence on Russian gas supplies “before 2030”.
(Report by Kylie McClellan)
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Jane Austen is a writer and contributor covering culture, literature, lifestyle, and society. Her work focuses on thoughtful storytelling, social trends, and the issues shaping everyday life, delivering engaging and accessible content for readers across the United Kingdom.
