EU Oil And Gas Embargo On Russia Could Hit UK Hard

If the European Union decides to impose a full oil and gas embargo on Russia, the shock waves of the move would end up costing the UK economy more than $90 billion, the country’s chancellor said. The warning comes in response to a call by Prime Minister Boris Johnson on the UK’s allies to follow its example and ban all imports of Russian fossil fuels. The UK said earlier this month that it would phase out imports of Russian oil, which account for about 8 percent of its total imports, by the end of this year. In search of alternative…