UK to phase out Russian oil

The UK government is to phase out Russian oil and oil products by the end of 2022, the BBC reports.

This transition period will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand, it said.

It echoes a similar proposal from Washington, where President Biden is set to announce a complete US ban on Russian oil, gas and coal imports.

The EU has also today made moves to reduce the continent's reliance on Russian gas, saying it aims to cut its demand by two thirds by the end of the year.

The UK is less reliant on Russian fossil fuels than many European countries. But Russian supplies still make up 8% of overrall imports into the UK, and 18% of UK diesel comes from Russia.