UK to ban Russian oil imports, says Politico

London, March 8

Britain will ban Russian oil imports, Politico reported citing Whitehall officials ahead of an announcement expected later on Tuesday.

Politico said there would be a months-long lead-in time on the ban to allow the global market to adjust and to stop people panic-buying petrol.

There will not be a ban on Russian gas at the same time, but this is still under discussion within the government, Politico reported.

British Prime Minister Boris Johnson said on Monday his government would set out a new energy supply strategy as the Russian invasion of Ukraine and subsequent rally in energy prices accelerate the need for new energy sources and greater self-reliance.

Earlier in the day oil prices rose on expectations that the United States will announce a formal ban on Russian oil imports.

The European Commission published plans on Tuesday to cut the EU's dependency on Russian gas by two-thirds this year and end its reliance on Russian supplies of the fuel "well before 2030". Reuters

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