Leaders.com
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
Business

UK Oil rig. (SCOTT HEPPELL/AFP via Getty Images)

By Savannah Young Leaders Staff

Savannah Young

Savannah Young

News Writer

Savannah Young is a news writer for Leaders Media. Previously, she was a digital reporter for WATE Channel 6 (ABC)...

Full bio


Learn about our editorial policy

Aug 25, 2022

UK Making Big Move in Energy

Russia is slowly being phased out by the UK amid its invasion of Ukraine.

Key details
In June, five months into Russia’s invasion of Ukraine, the UK imported no fuel from Russia for the first time ever recorded. The UK government has planned to phase out all Russian purchases of natural gas and oil after its invasion of Ukraine, and June was a success.

Figures, released by the Office for National Statistics on Wednesday, showed fuel imports from Russia, which averaged £499 million (roughly $6 million) a month in the year through February, fell to zero for the first time in data going back to 1997, according to Bloomberg.

Why it’s important
Before Russia invaded Ukraine, they were the number one supplier of refined oil for the UK. Russia accounted for 24.1% of all imports of refined oil as well as 5.9% of the UK’s crude oil imports, and 4.9% of gas imports. 

Since the UK is phasing out Russian imports, imports have had to find the materials in other places. There have been increases in imports of refined oil from Saudi Arabia, the Netherlands, Belgium and Kuwait in recent months, according to the Office of National Statistics.

Imports from Russia totaled at around £33 million in June, down about 97% from the average in the year before the invasion, says Bloomberg.

Backing up a bit
Russia invaded Ukraine on February 24. The president of Russia, Vladimir Putin invaded the country with the intention of overrunning the country and taking over its government. 

Since the war began thousands have died, and thousands more have fled to other countries, and many Ukrainian cities have been destroyed. The war rages on and it is not clear when it will end.

Home / News / UK Making Big Move in Energy
Share
FacebookTweetEmailLinkedIn

Related Stories

61% Of Americans Are Living Paycheck-To-Paycheck 

by Tyler Hummel Leaders Staff
Markets

Sep 8, 2023

Nearly two-thirds of Americans are feeling pinched by inflation. 

Key Details

  • LendingClub’s newest research shows that 61% of adults lived paycheck-to-paycheck in July 2023, increasing from 59% in July 2022. 
  • Even with inflation decreasing from 8.5% to 3.2% in 12 months, consumers still struggle to get by.  
  • A portion of this is attributed to irresponsible spending, with 21% of survey respondents saying nonessential spending is responsible for their financial issues. 
  • Low-income consumers—making less than $50,000 per year—were among the hardest hit by tightening wallets, Fortune reports. 
  • Bankrate’s Annual Emergency Fund Report earlier this year found that 57% of Americans cannot afford a $1,000 emergency. 

Go deeper

FacebookTweetEmailLinkedIn

Google Cracks Down On A.I. Election Ads

by Tyler Hummel Leaders Staff
Tech

Sep 7, 2023

Political campaigns using artificial intelligence (AI) generated content must disclose this information in Google and YouTube content. 

Key Details

  • Google has revealed a new disclosure policy that will force election advertisers to label AI content distinctly from real content. 
  • As of mid-November, generative AI content must receive a label to make it clearly identifiable to avoid spreading election misinformation. 
  • Google’s digital ad business joins companies like Meta Platform’s Facebook and Instagram in cracking down on deep fakes and spreading misinformation. 

Go deeper

FacebookTweetEmailLinkedIn

Vivek Ramaswamy’s Anti-ESG Firm Is Worth $1 Billion 

by Tyler Hummel Leaders Staff
Environment

Sep 7, 2023

The third most popular GOP presidential candidate has built his name fighting “wokeness”—and that reputation is paying off for his asset management company. 

Key Details

  • Ohio-based Strive Asset Management is an anti-activism fund company that promises investors higher-quality returns and investments.  
  • It was partly founded by Peter Thiel and Bill Ackman to rival investors at environmental, social, and governance (ESG)-friendly firms. 
  • On Tuesday, the firm announced that its accumulated assets now exceed $1 billion, slightly more than a year after it launched in 2022. 
  • The company is also currently facing lawsuits from two former employees arguing that it mistreats staff and engages in securities violations.

Go deeper

FacebookTweetEmailLinkedIn
Investing

Sep 7, 2023

Bill Gates Makes a $96.6 Million Bud Light Bet

by Tyler Hummel Leaders Staff
Cryptocurrency

Sep 6, 2023

Cathie Wood Bets Bullish On Big Tech 

by Tyler Hummel Leaders Staff
Some U.S. companies are finding it easier to hire help, after a rough few years
Hiring

Sep 6, 2023

Promotions Can Increase the Number Of Employees Quitting 

by Tyler Hummel Leaders Staff

Recent Articles

Hiring

Sep 20, 2023

40+ Interview Questions for Managers to Practice Before a Job Interview

Interview well by working through this list of questions for managers

Real Estate

Sep 19, 2023

How Does Rent-to-Own Work? 6 Benefits and the Costly Mistakes

Explore the risks and payoffs in the little-known rent-to-own agreement

Business

Sep 18, 2023

25 Recession-Proof Jobs That Keep People From Getting Laid Off at Work

Learn what the safest jobs are during an economic downturn

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2023 Leaders.com - All rights reserved.

Search Leaders.com