UK to phase out Russian oil imports by end of 2022

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A worker adjusts the valve of an oil pipe at an oil reception and delivery point owned by Bashneft company near the village of Kaltasy, northwest from Ufa, Bashkortostan, January 28, 2015. New European Union sanctions against Russia could include further capital markets restrictions, making it harder for Russian companies to refinance themselves and possibly affecting Russian sovereign bonds and access to advanced technology for the oil and gas sectors, EU officials said on Wednesday. REUTERS/Sergei Karpukhin (RUSSIA - Tags: ENERGY BUSINESS INDUSTRIAL POLITICS)

Britain will phase out imports of Russian oil and oil products by the end of 2022, Prime Minister Boris Johnson has announced.

“In another economic blow to the Putin regime following their illegal invasion of Ukraine, the UK will move away from dependence on Russian oil throughout this year, building on our severe package of international economic sanctions,” Johnson said in a statement.

“We are confident that this can be achieved over the course of the year, providing enough time for companies to adjust and ensuring consumers are protected.”