US and UK ban Russian oil and gas imports; Europe reluctant

biden

The US and UK have announced a ban on Russian oil, gas and imports whilst a reluctant European Union vowed to reduce is energy dependence on Russian gas.

“We are banning all imports of Russian oil and gas and energy,” said US President Joe Biden adding “that means Russian oil will no longer be acceptable to US ports. It will deal another powerful blow to Putin’s war machine.”

“This decision was taken ‘in close coordination’ with the US allies,” he added. “We will not contribute to the financing of Putin’s war,” he said.

Europe currently refuses to impose an embargo on imports of Russian oil and gas, two products that cover 30% and 40% of its needs, respectively.

The United States exports energy resources, that is, it produces more oil and gas than it consumes, Biden reminded. “We can make that decision, while others cannot,” he explained.

Britain officially announced yesterday that it will end imports of Russian oil and petroleum products by the end of 2022, in order to give enough time to the market and businesses to find alternatives. Russian oil imports cover 8% of demand.

“The government will also work with the companies through a new ‘Oil Impact Force’ to support them at this time to find alternative providers,” said Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng.