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UK eases sanctions on Russian oil imports as fuel prices soar
TL;DR
The UK has eased sanctions on Russian oil imports, allowing the import of jet fuel and diesel refined in third countries due to soaring fuel prices. This indefinite trade license will enable imports from nations like India and Turkiye.
Key points
- UK eases sanctions on Russian oil imports
- New trade license allows imports of Russian jet fuel and diesel
- License is of indefinite duration and will be periodically reviewed
- Imports can come from countries like India and Turkiye
- Decision follows US sanctions waiver for Russian oil cargoes
Mentioned in this story
UK Department for Business and Trade
IranStrait of HormuzIndiaTurkiye
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.
The 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”.
Q&A
What are the new UK sanctions on Russian oil imports?
The UK has issued an indefinite trade license easing sanctions on imports of Russian jet fuel and diesel refined in third countries.
Why did the UK ease sanctions on Russian oil imports?
The decision was made in response to soaring fuel prices caused by the Iran war and the prolonged closure of the Strait of Hormuz.
How does the easing of sanctions affect global oil prices?
The easing of sanctions is expected to impact global oil supplies positively, as it allows for the import of Russian crude oil, potentially stabilizing prices.
