UK bans Russian gas imports

UK bans Russian gas imports

London had previously pledged to phase out purchases of Russian oil by the end of 2022

The United Kingdom will halt shipments of liquefied natural gas (LNG) from Russia as early as January, the Foreign Office announced on Friday.

“From 1 January 2023, the UK is ending all imports of Russian liquefied natural gas and supporting countries around the world in reducing their own dependency,” a statement posted on the Office’s Twitter account reads.

The announcement comes as part of a concerted effort by Western states to reduce their energy reliance on Moscow and strip the Russian economy of a massive source of revenue in light of the Ukraine conflict.

Shortly after the start of Russia’s military offensive in February, the UK announced plans to phase out imports of Russian oil and oil products – such as diesel – by the end of this year.

In June, Kwasi Kwarteng, who was then UK Business and Energy Secretary, said the nation had received very little gas from Russia, adding that even those imports were down 75% to compared 2021.

Last year, Britain imported 3.12 billion cubic meters of gas from Russia, which accounted for 4% of total UK consumption. According to the National Bureau of Statistics, Russia was Britain’s biggest supplier of refined oil, providing 24% of the country’s total supply. At the same time, the share of crude oil imports from the sanctions-hit nation totalled 5.9% last year.

In August, London reported that in June, imports of Russian fuel were down to zero for the first time since 1997.

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Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.