Following the U.S., Great Britain bans the import of Russian oil, BBC reports.
British officials have stated that placing the ban into effect will take several months to allow the global market to adjust and reassure people who are panicking about buying petrol. Ministers emphasized that people will not need to stock up on fuel, as Russian oil has only a small share in Britain's energy balance.
Instead, The Guardian claims that the UK plans to stop importing Russian oil by year-end. Earlier, Boris Johnson said Western countries need a "step-by-step transition" from Russian hydrocarbons.
Earlier today, US President Joe Biden announced a ban on Russian oil, gas, and electricity imports.
On March 1, Canadian Prime Minister Justin Trudeau announced a ban on Russian oil imports.
A possible ban on buying oil and gas from Russia will make life more expensive. Still, it is a price to pay, said Secretary of State for Foreign, Commonwealth, and Development Affairs of the United Kingdom Liz Truss.