Ukraine conflict—BEIS announces UK’s decision to phase out Russian oil imports by end of 2022

Article summary

The Department for Business, Energy & Industrial Strategy (BEIS) has announced that the UK will phase out the importation of Russian oil by the end of 2022 in response to Vladimir Putin’s invasion of Ukraine. The import of Russian oil makes up 44% of Russian exports, with 8% of it accounting for the UK’s oil demand. BEIS envisages that cutting off Russia's valuable source of income will increase the mounting pressure on the Russian economy. To facilitate an orderly transition, the government has established a new Taskforce on Oil to help find alternative supplies. Additionally, the UK is also working closely with the US, the EU and other partners to end the dependence on Russian hydrocarbons.