The prime minister’s pledge to join the US in phasing out Russian oil – and exploring ways to do the same with gas – is aimed at hitting the Kremlin’s coffers but it also presents a problem for the UK.
In Britain, about 4% of gas and 8% of oil comes from Russia, far lower than its European neighbours. But turmoil in the energy markets has sent gas and petrol prices soaring, exacerbating the cost of living crisis. Weaning ourselves off Russian resources – by sourcing supplies elsewhere or pursuing the increased use of renewables and nuclear – will cost money and take time.
