Ammon News - The UK government has relaxed strict sanctions on Russian crude oil, allowing for the import of jet fuel and diesel refined in third countries amid surging costs.

A trade licence that came into effect on Wednesday permits the imports indefinitely and will be reviewed periodically. It comes at a time of growing concerns over the supply of certain fuels due to the de facto blockade of the strait of Hormuz since the start of the US-Israeli war with Iran.

For years the UK has led international efforts to put economic pressure on Russia over its war on Ukraine. On Tuesday it signed a G7 statement reaffirming its “unwavering commitment” to imposing “severe costs” on Russia. It had previously announced it would block Russian oil refined in other countries to “further restrict the flow of funds to the Kremlin”.

This week the US treasury secretary, Scott Bessent, extended a 30-day sanctions waiver allowing the purchase of Russian oil shipments already at sea, saying in a post on X that the extension would “provide additional flexibility, and we will work with these nations to provide specific licences as needed”.

New figures show petrol prices have eclipsed the high set during the Iran oil crisis. Relaxing sanctions will allow imports of jet fuel from India, which was previously a key supplier to the UK and Europe. Russian crude is also refined in big quantities in Turkey.


The Guardian