Britain is at risk of being involved in a “dystopian economic collapse” over gas supplies, says former Tory minister-Reuters

Former Foreign Minister Tory warned that Britain was at risk of a “dystopian economic collapse” amid concerns over gas supplies from Russia.

Sir Alan Duncan, who also worked as an energy trader, said he “needs to draw an emergency code” to maintain gas supplies across Europe.

He warned the government to “do not punish himself” as further action was required against the Kremlin because of the brutal invasion of Ukraine.

It will come after US Secretary of State Antony Blinken has stated that Russia’s oil import ban is under “very lively debate,” but natural gas sanctions will be much less.

According to Eurostat data, about a quarter of Europe’s oil imports and about 46% of its gas came from Russia in the first half of last year. Both UK are less dependent on Russia, but prices primarily reflect European prices.

Sir Alan said on Monday: “Oil isn’t as important as gas. My message is that in order to maintain gas supply across Europe, we need to get rid of emergencies and put everyone on the deck.”

Emphasizing changes in the gas sector on Monday morning, Sir Alan told BBC Radio 4’s Today program that prices have almost doubled in the last couple of hours.

“I’m calm and I’m sure it’s more calm, but definitely more than at the beginning of the weekend,” he said.

In a warning to political leaders, he continued. “When I say this, it’s a very difficult message. We must be careful not to sanction ourselves.

Sir Alain added: “There is this angry auction that we all fully understand about our relationship with Russia.

This graphic shows the countries Ukrainian refugees are fleeing to

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This graph shows the countries where Ukrainian refugees are fleeing

(Image of press conference)

“So they ban this, ban it, ban everything, but ultimately ban our own supply.

“Of course, we want to put Russia at a disadvantage as an essential means of war, but we don’t want to put ourselves at a disadvantage in failing some sort of dystopian economic collapse. . We are at the end.

“Currently, for example, there is an unlicensed subsidiary of Gazprom, which is not incorporated in Russia and, in the UK, incorporated, which is essential for the smooth flow of gas.”

However, Lori Stuart, one of Sir Alan’s former Tory colleagues, said on social media:

“We now have to stop importing oil and gas from Russia. This is the most concrete and effective step we can take.”

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