UK to phase out oil imports from Russia by end of 2022

The U.K. announced March 8 it will phase out all imports of Russian oil by the end of 2022 in response to the invasion of Ukraine.

Phasing out imports will be gradual and done in a way that allows the U.K. enough time "to adjust supply chains, supporting industry and consumers," the British government said in a news release. Through a new "Taskforce on Oil," the government will assist companies with finding alternative supplies.

As the transition happens, the government said it recognizes the need to continue importing Russian oil to help ensure supply continuity and protect consumers.

Russian oil imports account for 8% of the U.K.'s oil demand. The U.K. government noted that it also produces crude oil and petroleum products and imports from a range of suppliers including the Netherlands, Saudi Arabia and the U.S.

"Working with industry, we are confident that this can be achieved over the course of the year, providing enough time for companies to adjust and ensuring consumers are protected," British Prime Minister Boris Johnson said in the news release.

The U.K. is not dependent on Russian gas, as it accounts for less than 4% of the country's supply, according to the news release. Johnson confirmed the government will set out a strategy for the U.K.'s long-term plans for greater energy security, including renewable power and domestic oil and gas supplies.

The British government's announcement came on the same day that U.S. President Joe Biden announced that the U.S. will ban all imports of Russian oil, gas and other energy and the European Union unveiled a strategy to eliminate its reliance on fossil fuels from Russia.