UK loosens Russian oil sanctions as fuel prices rise
Summary
The UK government has eased some sanctions on Russian oil products like diesel and jet fuel refined in third countries due to rising fuel prices. This move allows imports of certain fuels from countries such as India and Turkey and includes a temporary relaxation of rules on Russian liquefied natural gas (LNG) shipping.Key Facts
- The UK loosened some sanctions on Russian oil products refined outside Russia starting Wednesday.
- The change responds to concerns about fuel supplies amid the blockade of the Strait of Hormuz linked to the US-Israel conflict with Iran.
- Sanctions on transporting Russian LNG were also eased with a license valid until January 1.
- The UK continues to maintain overall tough sanctions on Russia while adding these specific flexibilities.
- European jet fuel prices more than doubled after the war began but have since decreased somewhat; UK petrol prices remain high.
- Airlines have canceled flights and raised ticket prices due to high jet fuel costs.
- The UK had banned imports of diesel and jet fuel refined from Russian crude since October but now allows imports from countries like India and Turkey that refine Russian oil.
- Similar US waivers on Russian oil have faced criticism from allies and Ukrainian leaders, but the UK government says its measures aim to balance sanctions with market stability.
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