Economic Insider

UK Prime Minister Encourages a ‘Step-by-Step’ Plan to Ease Reliance on Russian Energy

UK Prime Minister

Photo: BBC

In a move to reduce Russia’s influence over Europe. UK Prime Minister Boris Johnson has urged to implement a “step-by-step” plan. It will help ease reliance on Russian oil and gas. Johnson has proposed that countries team up to find alternatives following his meeting with the Canadian and Dutch prime ministers.

But Dutch Prime Minister Mark Rutte has advised against immediately pressing a boycott, as it will have “enormous consequences.”

Germany’s Chancellor, Olaf Scholz, has issued a warning against blocking Russian oil and gas. He said in a statement that Europe has “deliberately exempted”. Moscow from economic sanctions due to their inability at this time to find alternative supplies of fuel sources.

Additionally, Russia has announced that it will be raising prices on oil to $300 per barrel. warned they might close the main gas pipeline to Germany. if America stops importing energy due to their conflict with Ukraine.

Russian Deputy Prime Minister Alexander Novak said, “Foregoing Russian oil will have catastrophic consequences for the world market.” 

When asked about speculations that the West was in talks with European countries about boycotting Russian oil imports. Johnson remarked Western allies are “moving very, very fast,”. discussions that would have been ruled out weeks ago are “now very much on the table.” 

Johnson stated that he would set out a new energy supply strategy. saying that the UK will use more of its own fossil fuels. But he remarked that the UK would not leave its adherence to reducing carbon emissions unattended. 

Russia supplies under 5% of UK gas; however, the number would be around 40% for EU nations. 

In the news conference, Rutte said the shift would have to be “diligent and not overnight,” along with a quicker penetration of renewable energy. An on-the-spot shift would “basically undermine supply chains over the world, particularly in Europe,” he continued, adding: “It would also have an impact on Ukraine itself.”

Johnson revealed an additional £175 million of funds from the UK to Ukraine, and Trudeau stated that Canada would place sanctions on ten additional Russian oligarchs and officials.

Opinions expressed by Economic Insider contributors are their own.


stock markets

UK stock markets rebound massively

Image Source: Yahoo Finance Stock markets worldwide rose after the US and UK governments provided more assurances about the safety of banks. Numerous bank collapses