HNewsWire-Britain will join the US in suspending imports of Russian oil and allied goods, ratcheting increasing economic pressure on Russia in the aftermath of the invasion of Ukraine.
The measure, announced Tuesday by UK business secretary Kwasi Kwarteng, follows earlier penalties against Russian banking institutions and persons close to Russian President Vladimir Putin.
By the end of 2022, he claimed, Russia’s oil and allied goods would be phased out of UK imports.
Additionally, a new task-force will be established to assist businesses in locating “alternative suppliers,” according to Kwarteng.
He said on Twitter, “This transition will provide more than enough time for the market, companies, and supply chains to replace Russian imports, which account for 8% of UK demand.”
Kwarteng reportedly said that he was contemplating cutting off Russia’s natural gas supplies to the UK, which accounts for 4% of total consumption.
He said that the United Kingdom is a “major producer” of oil and petroleum products and has “substantial reserves.”
Minutes afterwards, US Vice President Joe Biden made an identical statement, warning Americans that the sanctions will have a negative effect on the US economy and that “defending freedom would cost.”
Boris Johnson, the British Prime Minister, also predicted that Britons will face further agony at the gas pumps, where prices have already skyrocketed.
Johnson said that although the UK was “less vulnerable” than certain European countries, excluding Russia from supply would take time.
Johnson told London’s broadcasters, “The UK is less susceptible [than European allies], but we do get diesel from Russia, and we cannot change overnight.”
“We can do it in a manner that does not disrupt supply, that ensures we have replacement supplies on stream in a timely and orderly fashion, that has no impact on UK business, manufacturing, road haulage, or other sectors of our economy, but punishes Vladimir Putin’s dictatorship.”
The decision to cut Russia off from oil supplies occurred shortly before Ukrainian President Volodymyr Zelensky delivered a speech to a crowded UK Parliament via video connection.
Zelensky attempted-again in vain-to rally support for a no-fly zone, pleading with the UK to “ensure the safety of our Ukrainian skies” by quoting Shakespeare and quoting Churchill.
Zelensky expressed his personal gratitude to Johnson for his assistance.
Johnson said that “the House has never listened to such a speech in all the years of our parliamentary system.”
PA Media was a source for this news.Veazey, Simon
Putin: The UK is funding Me. They are a joke!
SRH: Biden needs a scapegoat. That’s why members of Congress need a scapegoat. That’s why Jerome Powell and his minions at the Fed need a scapegoat. All of these official Satan Soldiers need a scapegoat because they need to shift blame for the inflation that they created.
A gas sign with a humorous slant: I incorporated the old saying “cost an arm and a leg” onto the sign.
Meet Moses! He’s a young man who grew up in the most challenging circumstances. Today, he has larger-than-life goals to achieve something extraordinary.
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