U.K. Plans to Ban Russian Oil Imports in New Sanctions Move
- Imports of oil, refined products to be phased out by end-2022
- U.K. acts in concert with U.S.; ban won’t apply to natural gas
Oil storage tanks at a refinery in Tuapse, Russia.
Source: Bloomberg
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The U.K. government will ban all imports of Russian oil, its latest sanctions move against Vladimir Putin’s administration over the war in Ukraine.
The measure -- taken in concert with the U.S. -- will be phased in over the rest of 2022, Business Secretary Kwasi Kwarteng said. The ban applies to refined products such as diesel -- which the U.K. relies on Russia for about a third of its imports. It won’t apply to natural gas.