UK looks to Gulf to replace Russian oil imports

Britain to phase out Russian oil imports by end of 2022

Sanctions on Russian industry are taking their toll, and the UK says it will buy more oil from suppliers such as the Gulf states and the US. Reuters
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The UK will look to the Gulf for increased oil supplies after the government announced it would phase out Russian oil imports by the end of 2022 in response to the invasion of Ukraine.

"The UK is a significant producer of oil and oil products, plus we hold significant reserves," Business Secretary Kwasi Kwarteng said.

"Beyond Russia, the vast majority of our imports come from reliable partners such as the US, Netherlands and the Gulf. We’ll work with them this year to secure further supplies."

He said the “transition will give the market, businesses and supply chains more than enough time to replace Russian imports,” which account for eight per cent of UK demand.

“While the UK is not dependent on Russian natural gas – 4 per cent of our supply – I am exploring options to end this altogether,” he said.

UK Prime Minister Boris Johnson described the move as an important “first step”.

“What we’re doing is making the first step and it’s something I think is an important thing to do.

“If you think back to where we were even a few days ago, I don’t think people would’ve been talking about moving away from dependence on Russian oil and gas because these are very, very big dependencies that European countries have.”

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Mr Kwarteng said the government would work with firms to find more oil supplies.

“Businesses should use this year to ensure a smooth transition so that consumers will not be affected,” he said.

Updated: March 09, 2022, 11:39 AM
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