Boris Johnson pledges new energy supply strategy following Russian invasion of Ukraine

The Prime Minister has previously said that European countries need to wean themselves off Russian gas supplies, and there is now the possibility of a reduction in supplies due to sanctions.

Speaking at a press conference this afternoon, Mr Johnson said the UK needs to look at using more of its hydrocarbons.

He told the briefing he would set out an energy supply strategy in the coming days, and added: “There are going to be impacts but I think it is the right thing to do.

“It is completely the right thing to do to move away from Russian hydrocarbons but we have to do it step by by step,” he said.

“We have got to make sure we have substitute supply. One of the things we are looking at is the possibility of using more of our own hydrocarbons

“That doesn’t mean we are in any way abandoning our commitment to reducing CO2 but we have got to reflect the reality that there is a crunch on at the moment. We need to increase our self-reliance.”

Canadian Prime Minister Justin Trudeau and Dutch Prime Minister Mark Rutte were also at the briefing, having travelled to the UK for talks today on the unfolding conflict.

Mr Rutte said his country was prepared to consider “all possible sanctions” but they must not generate “unmanageable risks” to energy supply in Europe.

The news comes as MPs are preparing to debate new legislation that could make sanctioning oligarchs and other figures easier.

The Economic Crime Bill will be considered by the Commons this afternoon, having been fast-tracked following last month’s invasion.

The Government has tabled a series of amendments to the Bill to ensure it can act “harder and faster” against those with links to the Kremlin.

Foreign Secretary Liz Truss said the changes would “give us the chance to bring even more crippling sanctions against Putin and his regime”.

However, Labour said the legislation still gave Russian oligarchs a “get-out-of-London-free” card even though the grace period under the measures designed to tackle so-called “dirty money” has been cut from 18 months to six.

They would like to see the time overseas entities have to comply with new rules cut to just 28 days.