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UK eases sanctions on Russian oil as fuel prices surge over Iran ...
LONDON (AP) — The U.K. government has quietly watered down sanctions on Russian oil in an effort to shelter Britons from the cost-of-living squeeze triggered by the closure of the Strait of Hormuz.A trade license that came into effect Wednesday permits the import of Russian oil that has ben refined into jet fuel and diesel in third countries, such as India and Turkey.The U.S.-Israeli war on Iran and Iran’s closure of the strait, through which about a fifth of the world’s oil usually passes, has sent fuel prices soaring around the world and sparked concerns about a shortage of jet fuel.U.K. Treasury minister Dan Tomlinson said the changes are “for a time limited period and on a very specific issue.”Britain has been one of Ukraine’s strongest allies since Russia’s full-scale invasion in 2022, and the government insist its sanctions against Russia remain among the toughest in the world. But lawmaker Emily Thornberry, who chairs Parliament’s Foreign Affairs Committee, said Ukrainians would “feel very let down” by the move. She said Ukraine’s allies should keep squeezing Russia’s oil industry, because it “is absolutely crippling their economy.” 1 MIN READ 1 MIN READ 4 MIN READ The U.S. has also eased Russian sanctions. Earlier this week, Treasury Secretary Scott Bessent extended a 30-day sanctions waiver allowing the purchase of Russian oil shipments already at sea.On Tuesday, finance ministers from the U.S., Britain and the other Group of Seven wealthy nations issued a joint statement reaffirming “our unwavering commitment to continue to impose severe costs on Russia in response to its continued aggression against Ukraine.”
UK loosens Russian oil sanctions as fuel prices rise - BBC
3 hours agoFaisal Islam,Economics editor,James Landale,Diplomatic correspondentandMitchell Labiak,Business reporterGetty ImagesThe UK government has loosened strict sanctions on Russian oil refined into diesel and jet fuel in third countries as prices rise.The waiver begins on Wednesday and reflects growing supply concerns over certain fuels due to the effective blockade of the key Strait of Hormuz waterway since the start of the US-Israel war with Iran.Some sanctions on the transport of Russian liquefied natural gas (LNG) were also lifted.The government said that overall sanctions had got tougher but extra flexibilities were required. A similar move by the US was widely criticised.European jet fuel prices more than doubled after the war started but are now around half higher while UK pump prices continue to rise.Several airlines operating in the UK and around the world have cancelled flights and raised prices in response to sky-high jet fuel prices.For years the UK led international efforts to put economic pressure on Russia for its war on Ukraine. Only on Tuesday it signed a G7 statement reaffirming its "unwavering commitment" to impose "severe costs" on Russia. The government announced in October that it planned to ban oil products, such as diesel and jet fuel, which had been refined from Russian crude oil in third countries.Easing sanctions now will effectively allow imports of jet fuel from India, which was previously a key supplier to UK and Europe. A lot of Russian crude is also refined in Turkey.The new rules for sanctioned processed oil products will be of "indefinite duration", though they will be reviewed periodically and may be amended or revoked, the government said.The UK also issued a time-limited licence covering the maritime transportation of LNG and related services under Russia sanctions rules, running until 1 January.Treasury minister Dan Tomlinson told BBC Breakfast the "small and specific" and "time-limited" change was being made to "protect the security of supply for really important foundational goods in our economy such as jet fuel".While the government remained "steadfast in its commitment to supporting Ukraine", he said, it had to "make the right and sensible decisions" when it came to vital products so that it could support families up and down the country struggling with the cost of living.However, Robin Mills, chief executive of Dubai-based energy consultancy Qamar Energy, told BBC Radio 4's Today programme it was not a good m...
UK eases sanctions on Russian oil imports as fuel prices soar
This sanction waiver will allow the UK to import Russian crude oil refined in third countries, such as India and Turkiye.The United Kingdom government said it had eased sanctions on imports of Russian jet fuel and diesel refined in third countries, amid soaring fuel prices caused by the Iran war and prolonged closure of the Strait of Hormuz.The trade licence that came into effect on Wednesday is of “indefinite duration”, according to the UK’s Department for Business and Trade, and will be periodically reviewed. It will allow the UK to import Russian crude oil refined in third countries, such as India and Turkiye.Recommended Stories list of 3 itemslist 1 of 3US extends sanctions waiver on Russian oil: Why it matterslist 2 of 3More than 15,800 people killed in Russia’s all-out war on Ukraine: UNlist 3 of 3China’s Xi Jinping, Russian President Vladimir Putin hold talks in Beijingend of listThe government also issued a temporary licence loosening sanctions on liquefied natural gas originating from certain Russian plants.The UK and other Western countries imposed strict sanctions against Russia following its invasion of Ukraine in 2022, targeting oil exports as well as more than 3,000 individuals and companies.This new decision follows a US sanctions waiver for Russian oil cargoes already at sea, which was extended Monday for the second time as the war against Iran squeezes global oil supplies.The European Union criticised the US waiver extension on Tuesday at a meeting of G7 finance ministers that the UK also attended. EU economy commissioner Valdis Dombrovskis said it was not a time to “ease pressure on Russia”.UK Treasury minister Dan Tomlinson said the changes are “for a time-limited period and on a very specific issue”.The UK has been one of Ukraine’s strongest allies since Russia’s invasion in 2022, and the government insists its sanctions against Russia remain among the toughest in the world.Kemi Badenoch, leader of the opposition Conservative Party, denounced the move. “After 18 months of ‘standing up to Putin’ the Labour govt quietly issued a licence allowing imports of Russian oil refined in third countries,” she said on X.Finance ministers from the United States, UK, and other G7 countries issued a joint statement on Tuesday reaffirming “our unwavering commitment to continue to impose severe costs on Russia in response to its continued aggression against Ukraine”.
UK quietly issues sanctions waivers on Russian oil products
The United Kingdom on May 19 quietly issued a new license for imports of diesel and jet fuel made from sanctioned Russian oil, as well as a separate license for the maritime transport of Russian liquefied natural gas (LNG). The move comes a day after the United States once again extended its own sanctions waiver on Russian oil, in an effort to stabilize skyrocketing fuel costs amid the U.S.-Israeli war against Iran.The first license permits imports of diesel and jet fuel made from Russian oil if "the products have been processed in a third country," according to the U.K. government web portal. These products are exempted from the U.K.'s general ban on Russian oil products processed in other countries. The license takes effect on May 20 and is indefinite, but it can be revoked or suspended at any time. Separately on May 19, the U.K. issued a general license covering the maritime transport of Russian LNG. It allows the transport and delivery of LNG by ship from Russia's Sakhalin-2 or Yamal LNG terminals. That license expires on Jan. 1, 2027. "We are committed to strengthening our sanctions on Russia to degrade its ability to wage war in Ukraine, whilst protecting critical supply chains and maintaining market stability," a spokesperson for the U.K. government told the BBC.John Foreman CBE, an associate fellow at Chatham House and former U.K. defense attache to both Kyiv and Moscow, called the move "cynical but understandable.""But it is hard to pose as the leader of the 'coalition of the willing' when doing dirty deals," Foreman told the Kyiv Independent. "(U.K. Prime Minister Keir) Starmer has always maintained a very high moral tone, which this undercuts."Alexander Kirk, a sanctions campaigner at the NGO Urgewald, said the move sends the wrong signal to Moscow, noting that Russian state media is already portraying it as proof that Western resolve weakens when fuel prices rise."Celebrations will be happening in the Kremlin today... The danger here is not just the economic signal, but the political message it sends," he said. "Moscow will read this as weakness."The U.K. has been one of Ukraine's leading partners since the start of Russia's full-scale invasion in 2022. Alongside France's Emmanuel Macron, Starmer has positioned himself as the leader of the coalition of the willing — a group formed in 2025 to establish long-term security guarantees for Kyiv. London's Russian oil waivers also come on the same day that the Group of Seven (G7) published a statement...
