USA/RUSSIA: The announcement came at almost the same time that US President Joe Biden said that Washington would ban imports of Russian oil.
According to Kwarteng, “this transition will give the market, businesses and supply chains more than enough time to replace Russian imports, which make up 8 percent of UK demand”.
“The government will also work with companies through a new Taskforce on Oil, to support them to make use of this period in finding alternative supplies,” the British Business and Energy Secretary added.
The decisions by both the UK and the US were made at a time of high volatility in the international energy market, caused by a wave of unprecedented sanctions against Russia over its special military operation in Ukraine.
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by Sofia Chegodaeva
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