Politico said the UK will ban imports of Russian oil, in a move that is expected to be a gradual phase-out over time rather than a sudden overnight shock.
Announcing the measure at 1:00 PM ET and passing the ban and phased implementation period, which is expected to last about a year, is expected to try to prevent people from panic-buying fuel at a time when energy prices are skyrocketing. .
Politico reports that there will be no simultaneous ban on Russian gas, but this is still being discussed within the government.
LONDON (Reuters) – British Prime Minister Boris Johnson said yesterday his government will develop a new energy supply strategy as Russia’s invasion of Ukraine and the ensuing surge in energy prices have accelerated the need for new energy sources and increased self-sufficiency.
Earlier on Tuesday, oil prices rose amid expectations that the United States will announce a formal ban on Russian oil imports.
The European Commission on Tuesday published plans to reduce the European Union’s dependence on Russian gas by two-thirds this year and end its dependence on Russian gas supplies “well before 2030”.
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