This week in the House of Commons, Richard questioned the Business Secretary, Kwasi Kwarteng, following his statement on the phasing out of Russian oil. imports by the end of the year.
In response to this announcement, Richard Fuller MP said:
Whilst I welcome the move and the moral imperative that underpins it, I did question the efficacy of such a ban in the long term.
I also took the opportunity to highlight the significant costs to households associated with the new technologies that are being targeted to spearhead our transition to net zero and called on him to prioritise government support for home insulation as one route to mitigating those costs.
Richard's question and the Secretary of State's response can be watched here.
The phasing out of imports will not be immediate, but instead allows the UK more than enough time to adjust supply chains, supporting industry and consumers. The government will work with companies through a new Taskforce on Oil to support them to make use of this period in finding alternative supplies.
The UK is working closely with the US, the EU and other partners to end our dependence on Russian hydrocarbons in response to Russian aggression in Ukraine, recognising the different circumstances and transition timelines. The import of Russian oil makes up 44% of Russian exports and 17% of federal government revenue through taxation – this move steps up the international pressure on Russia’s economy.
