UK to phase out Russian oil and oil imports by the end of the year amid western squeeze on Russian energy

Kwasi Kwarteng's pledge expected to be matched by US President Joe Biden as the West looks to tighten the squeeze on the Russian economy following Moscow’s invasion of Ukraine.

Making the announcement on Twitter this afternoon, the Business Secretary said: “This transition will give the market, businesses and supply chains more than enough time to replace Russian imports – which make up 8 per cent of UK demand.”

He urged businesses to “use this year to ensure a smooth transition so that consumers will not be affected”.

Concerns have been raised about the west's reliance on Russian oil and gas in recent weeks following Putin's invasion of Ukraine.

Boris Johnson said: “In another economic blow to the Putin regime following their illegal invasion of Ukraine, the UK will move away from dependence on Russian oil throughout this year, building on our severe package of international economic sanctions.

“Working with industry, we are confident that this can be achieved over the course of the year, providing enough time for companies to adjust and ensuring consumers are protected.”

Mr Kwarteng added: ""Unprovoked military aggression will not pay and we will continue to support the brave people of Ukraine as they stand up to tyranny, building on our existing sanctions that are already crippling Putin’s war machine.

“We have more than enough time for the market and our supply chains to adjust to these essential changes. Businesses should use this year to ensure a smooth transition so that consumers will not be affected."