Natural Gas and Oil: Russia

Department for Business, Energy and Industrial Strategy written question – answered on 5th April 2022.

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Photo of Lord Tyrie Lord Tyrie Chair, Parliamentary Commission on Banking Standards (Joint Committee)

To ask Her Majesty's Government what estimate they have made of the increase in cost to the buyers of Russian (1) oil, and (2) gas, in the UK of a ban on the import of these products.

Photo of Lord Callanan Lord Callanan Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The UK is in not dependent on Russian gas. In 2021 it made up less than 4% of UK supply. The integrated nature of the European gas market, and the fact that gas is an international traded commodity, means that factors that influence European or internationally prices are likely to be reflected in UK prices. The Government remains confident in the UK’s energy security and the UK’s highly diverse sources of gas supply.

Crude oil operates in an international market and influenced by a range of supply and demand factors. The phasing out of Russian imports will not be immediate, but allows the UK time to adjust its supply chains.

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