Britain introduces law blocking the use of UK services to transport Russian oil
World

Britain introduces law blocking the use of UK services to transport Russian oil

Britain introduced new legislation on Thursday that would “prevent countries from using UK services to transport Russian oil” unless it is bought at or below the price set by the Group of Seven and Australia.

The move “follows a decision by G7 finance ministers in September to commit to a price cap as a way to undermine (Vladimir) Putin’s ability to finance his war in Ukraine through inflated global oil prices, ensuring that third countries can continue to provide affordable oil,” said a government statement.

However, the statement also said that the UK and its coalition partners will not use the ceiling, as they have introduced a “freeze on the import of Russian oil”.

“Today’s crude oil legislation will come into force on 5 December with further measures on refined oil products coming into force on 5 February to align with EU timelines for a parallel measure”, added in the statement.

“We continue to stand by Ukraine in the face of Putin’s barbaric and illegal occupation,” Chancellor of the Exchequer Jeremy Hunt said.

He added: “We have banned the import of Russian oil into the UK and are making good progress in phasing it out completely.

“This new measure continues to turn the screws on Putin’s war machine, making it even harder for him to profit from his illegal war.”

The new legislation “also provides for a cut-off date for oil imports into the UK from the end of December until 5 December”. AA