Europe

Boris ends Russian gas in UK – but how much gas do we get from Russia?

Ukraine: Satellite images show Russian tanks in Donbas

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The Russian invasion of Ukraine has caused alarm and panic across the world. Even if Ukraine is thousands of miles away from the UK, the effects of war are going to be felt across the UK and Europe. But could the knock-on influence already soaring energy prices in the UK?

Boris Johnson said in a statement today the “worst fears” had been realised and gave his unwavering commitment to stand with Ukraine throughout the crisis.

But he also made assurances to the UK – pledging to stop reliance on Russian gas and oil.

Mr Johnson said in his statement: “Today, in concert with our allies, we will agree a massive package of economic sanctions designed in time to hobble the Russian economy.

“And to that end we must also collectively cease the dependence on Russian oil and gas that for too long has given Putin his grip on western politics.”

READ MORE: World War 3: Is World War 3 now a reality in Europe? Will Putin stop?

Is the UK dependent on Russian gas?

Fortunately for the UK, it is not dependent on Russian gas.

About half of UK gas supplies are of domestic origin, from the North Sea.

Another third of the UK’s gas comes through pipelines from Norway.

Russia is the biggest producer of natural gas in the world, and supplies the EU with some 43 percent of its natural gas, according to the EU statistical office Eurostat.

Gas is supplied by the state-controlled Gazprom – a firm that has something of a monopoly on Europe and has been its biggest supplier for decades, even if this does vary considerably between EU states.

Germany also announced this week it would not sign off on the much-maligned Nord Stream 2 pipeline – meaning less gas than predicted will be travelling into Europe in the coming months.

In 2020, Of the 167.7 billion cubic metres of natural gas Europe imported from Russia, Germany bought the most – 56.3 billion cubic metres.

Germany has followed by Italy, with 19.7 billion, and the Netherlands, with 11.2 billion cubic metres.

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Will this affect UK gas prices?

Exactly how this will affect your bills is difficult to predict – but the slashing of reliance on Russia for certain gas will drive prices up internationally.

The renewal of the energy price cap will set the highest amount suppliers can charge in the period from April to October 2022.

Currently, suppliers are not allowed to charge more than £1,277 per year – but this will rise by 52 percent in April.

It remains to be seen what effect the recent developments will have on the next cap limit, which will be announced in August.

Will petrol prices rise?

Oil prices have also been significantly impacted by Russia’s actions.

The cost of a barrel of Brent crude rose to more than $100 (£74.29).

The last time this happened was in 2014, as Russia moved into Ukraine.

The average price of a litre of petrol is now 147.7p and diesel 151.95p.

But some experts are predicting petrol costs could rise to as much as 170p per litre – the highest ever recorded in the UK.

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