US President Joe Biden on Tuesday announced a US ban on Russian oil and other energy imports, ramping up a pressure campaign on Moscow in retaliation for the invasion of Ukraine.
Mr Biden said prices will go up further with this move, but warned oil firms not to engage in excessive price rises or to pad out their profits. He said this crisis is a reminder that the US must become "energy independent".
The news comes as the UK announced it will phase out the import of Russian oil and oil products by the end of the year.
The UK's move announced by Britain's Business Secretary Kwasi Kwarteng in a statement posted on Twitter. He said: “This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand.”
NEW – the UK will phase out the import of Russian oil and oil products by the end of 2022.
This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8% of UK demand.
(1/4)Advertisement— Kwasi Kwarteng (@KwasiKwarteng) March 8, 2022
He urged businesses to “use this year to ensure a smooth transition so that consumers will not be affected”. - Reuters/PA
