Britain on Thursday introduced a new legislation that will “prevent countries from using the UK’s services to transport Russian oil” unless it is purchased at or below the price set by the Group of Seven and Australia.
The move “follows the decision made by the G7 finance ministers in September who committed to the price cap as a way of undermining (Vladimir) Putin’s ability to fund his war in Ukraine through inflated global oil prices, while ensuring that third countries can continue to secure affordable oil,” according to a government statement.
However, the statement also said that the UK and its coalition partners will not make use of the cap, as they have introduced an” import ban on Russian oil.”
“Today’s legislation on crude oil will come into force on 5th December with further measures on refined oil products coming into force on the 5th February, to align with EU timelines for a parallel measure,” the statement added.
“We continue to stand by Ukraine in the face of Putin’s barbaric and illegal invasion,” Chancellor of the Exchequer Jeremy Hunt said.
He added: “We’ve banned the import of Russian oil into the UK and are making good progress on phasing it out completely.
“This new measure continues to turn the screws on Putin’s war machine, making it even tougher for him to profiteer from his illegal war.”
The new legislation “also brings forward the date of the UK’s oil import ban from the end of December to 5th December.”
Source: Anadolu Agency