UK phasing out Russian oil

U.K. officials on Tuesday announced plans to phase out imports of Russian oil and oil products by the end of 2022 as a response to Moscow's invasion of Ukraine.

Authorities said in a statement that the latest move will give the government more time to adjust supply chains, adding that it will work with companies through its task force on oil to support them in finding new alternative supplies.

British officials also said they plan to work closely with their allies to end the country's dependence on Russian hydrocarbons amid the conflict, recognizing the different circumstances and transition timelines.

"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, " British Prime Minister Boris Johnson said in a statement.

"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," he added.

The Biden administration announced on Tuesday that the U.S. will ban Russian oil, natural gas and coal imports in response to Russia's invasion of neighboring Ukraine.

The invasion has led to a series of international sanctions being leveled against Moscow. American companies in a variety of sectors have also moved to end business with Russia.

U.K. Business and Energy Secretary Kwasi Kwarteng said in a statement that the country will continue to support Ukraine during the crisis by building on its existing sanctions against Russia.

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