Over the past year, Putin has been decreasing the amount of natural gas flowing from its pipelines towards Europe. The continent is heavily dependent on Russia for energy, relying on the country for 40 percent of gas. Putin has been exploiting this reliance over the past year, causing whole energy prices to spike to record levels since late 2021.
However, since the invasion of Ukraine, the UK, US and EU have pledged to reduce their reliance on Russian energy imports, including oil and gas.
There are fears Putin could retaliate against the western sanctions by turning off the taps on Russian gas entirely, causing a sudden shortage in Europe that could lead to blackouts,
But the UK will likely not be impacted on as much, according to Dr Jack Sharples, a research Fellow at Oxford Institute.
Speaking at a Business, Energy and Industrial Strategy Committee meeting earlier this week, he said:”The UK is relatively secure, in terms of its physical supply.
“We get a substantial proportion of our gas imports from Norway and probably produce about half of what we consume.
“About 80 percent of our natural gas supply is either produced domestically, or comes from Norway.
“That is physically secure. The remaining 20 percent is liquified natural gas (LNG) that we import from the global market.”
Earlier this week, the UK announced plans to phase out Russian oil imports by the end of 2022.
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