Britain is joining the United States in announcing a ban on imports of Russian oil.
British Business Secretary Kwasi Kwarteng says oil and oil products from Russia will be phased out by the end of the year. He says the transition period “will give the market, businesses and supply chains more than enough time to replace Russian imports,” which account for 8% of UK demand.
Kwarteng says the UK would work with its other oil suppliers, including the US, the Netherlands, and the Gulf states, to secure extra supplies.
US President Joe Biden announced a ban on Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine. It follows pleas from Ukrainian President Volodymyr Zelenskyy to US and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion.
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From the Liveblog of
Tuesday, March 8, 2022
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