UK to phase out Russian oil and oil products by end-2022

LONDON - Britain said on Tuesday it would phase out imports of Russian oil and oil products by the end of 2022, which it said would give the market and businesses more than enough time to find alternatives to the imports, which make up 8% of demand.

"The government will also work with companies through a new Taskforce on Oil to support them to make use of this period in finding alternative supplies," Business and Energy Secretary Kwasi Kwarteng said.