UK relaxes strict sanctions on Russian crude as oil costs soar
Summary
The UK government has eased restrictions on importing Russian crude oil products like jet fuel and diesel that are refined in other countries to help with rising fuel costs. This change comes amid supply concerns due to the conflict involving Iran and the US-Israeli war, and it allows these imports under a trade licence that will be reviewed regularly.Key Facts
- The UK now permits unlimited imports of Russian jet fuel and diesel refined in third countries.
- The move aims to address fuel supply troubles linked to the blockage of the Strait of Hormuz during the US-Israeli war with Iran.
- The UK has previously led sanctions against Russia over its war in Ukraine, including blocking Russian oil refined elsewhere.
- The US Treasury extended a 30-day waiver for buying Russian oil shipments already at sea to provide flexibility.
- Fuel prices in the UK have reached their highest since December 2022, increasing pressure to ease import rules.
- Imports of Russian-refined fuels from countries like India and Turkey will help supply the UK market.
- Some UK politicians and Ukraine allies criticized the sanctions relaxation, saying it undermines pressure on Russia.
- The government said it acted to protect UK families and the national interest amid international conflicts affecting fuel prices.
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