More and more Western countries are poised to give up Russian oil and gas suppliers. Long-lasting buyers of Russian petroleum are ready to sacrifice their convenience and benefit to scale back their reliance on Russian exporters. The UK is also serious about terminating its contracts with Russian energy companies.
It goes without saying that the Kingdom cannot wave a magic wand and cut off imports of Russian oil and gas. Nevertheless, the UK authorities reported that the Kingdom might be able to say farewell to Russian exporters by the end of 2022. UK Secretary for business, energy and industrial strategy Kwasi Kwarteng pledged that the British government aims to “ensure a smooth transition so that consumers will not be affected” and to find healthy alternatives for the rest of the year. Kwarteng commented on the British energy policy on Twitter, saying that the transitional period over the next nine months would “give the market, businesses and supply chains more than enough time to replace Russian imports, which currently make up 8% of total UK demand”. The top official added that London is exploring all options for phasing out Russian gas imports to the Kingdom.
All European leaders are on the same page. Earlier, German Economy Minister and Vice Chancellor Robert Habeck, who is a member of the Green party, also confirmed that Berlin is ready to cut the cord on Russian energy. In response, Russian Vice Premier Alexander Novak warned that the embargo on Russian oil would put a strain on the global market. The Russian official is certain that the refusal to buy Russian energy will trigger a catastrophic spike in global prices, pushing oil to at least $300 a barrel or higher.
