According to a statement released by the UK government, the UK will phase out its imports of Russian oil and oil products by the end of 2022, reported Reuters on Tuesday. This transition will give the market, businesses and supply chains more than enough time to replace Russian imports, which currently make up 8% of UK demand. Businesses should use this year to ensure a smooth transition so that consumers will not be affected, the statement continued, adding that the government will also be working with companies through a new task force on oil to support them to make use of this period in finding alternative supplies.

The UK added that it will work with other import partners this year to secure further supplies and stated that is it not dependent on Russia for natural gas imports, which make up just 4.0% of the country's supply. The UK is exploring options to end this altogether.