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2 years ago

March 9, 2022

James Williams

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US and UK restrict Russian energy imports

The United States will stop importing oil, natural gas and coal from Russia in retaliation for the war in Ukraine, President Joe Biden announced Tuesday. The United Kingdom has announced that it will reduce imports of Russian oil from the end of this year.

Biden had previously said he, along with some European partners, had plans to ban imports of oil and other energy resources from Russia.

This immediately provoked strong resistance from Germany and Prime Minister Mark Rutte also said that sanctions should not endanger the energy supply.

So now the US has decided on its own to introduce that import ban, because the EU countries are not on the same page with regard to the measure.

The decision was taken in consultation with the European partners.

Biden warned on Tuesday that energy prices will rise further as a result of this decision. The European gas price does not seem to be rising sharply for the time being, but the price for a barrel of American WTI oil already rose by about 7 percent on Tuesday.

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The British also want to get rid of Russian oil faster. From the end of 2022, they will cut imports of oil from Russia, which makes up 8 percent of Britain’s oil supply. “We are working with companies to find alternatives,” said State Secretary Kwasi Kwarteng (Energy).

Within the EU there is also discussion about a ban on the import of Russian energy sources, but at the moment too many countries are still dependent on Russian energy.

For example, Germany gets more than half of its gas from Russia and for Italy it is 40 percent.

About 15 percent of the Dutch gas stock consists of Russian gas.

On Tuesday, the European Commission came up with a plan to significantly reduce dependence on Russian gas.

With that plan, two-thirds less gas could be obtained from Russia in a year and imports will be further limited in subsequent years.

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