HomeMediaLatest NewsBritain to give up Russian oil and coal before the end of the year

Britain to give up Russian oil and coal before the end of the year

06 April 2022

Salikhov Marcel R. President, Principal Director on Economic Studies, Head of the Economic Department
Titov Alexander V. Head of the Global Oil Market Sector, Energy Department

Marcel Salikhov, President of the Institute of Energy and Finance and Alexander Titov, Head of Oil Market Research commented to The Bell about Britain's withdrawal from Russian oil.

“They [the UK] have been shutting down their coal-fired plants over the past years, and by 2021, the share of coal in electricity generation was only 2%. In 2021, the UK imported 4.6 million tons of coal, including 2 million tons from Russia. Considering that the UK’s rhetoric is one of the toughest, they will find these 2 million tons from other suppliers or further reduce the remaining coal generation,” Alexander Titov, senior expert in the Energy Markets sector at the Institute for Energy and Finance, told The Bell.

“In recent years, Russia has supplied the UK with 2-3 million tons of oil and 5-6 million tons of oil products (mainly diesel fuel and heavy distillates), Marcel Salikhov says. - It is easier for the UK [to give up Russian oil] than for Germany. The UK now produces about 50 million tons of oil, and consumes about 70 million. That is, the need for imports is about 20 million tons. This is relatively little.”
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