UK and US announce ban on Russian oil

US President Joe Biden has confirmed a complete US ban on Russian oil, gas and coal imports, the BBC reports.

He says the move means the “American people will deal another powerful blow” to Putin’s leadership.

Oil prices have been surging in anticipation of Biden’s announcement – with the price of brent crude, the international benchmark, rising more than 5%, to $130 a barrel.

The UK government has announced it will phase out Russian oil and oil products by the end of 2022.

This transition period will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand, it said.

The EU has also today made moves to reduce the continent’s reliance on Russian gas, saying it aims to cut its demand by two thirds by the end of the year.

The UK is less reliant on Russian fossil fuels than many European countries. But Russian supplies still make up 8% of overrall imports into the UK, and 18% of UK diesel comes from Russia.