Yahoo Finance UK

Stocks rebound as EU says it has enough gas for winter

Suban Abdulla
Wed, March 9, 2022, 4:22 AM

European stocks opened in the green on Wednesday as investors shrug off negative sentiment after Britain and the US announced they will ban Russian oil imports and as EU said it had enough gas to last through the winter.

The FTSE 100 (^FTSE) shot up 1.6% to 7,073 points after Britain's transport secretary Grant Shapps announced that the UK will step up its production of oil and gas.

The UK government announced plans to phase out the import of Russian oil and oil products by the end of 2022 on Tuesday. It said the transition period will give the market, businesses and supply chains more than enough time to replace Russian imports, which make up 8% of UK demand.

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