&imwidth=800&imheight=600&format=webp&quality=medium "UK quietly eases Russian oil sanctions despite vowing 'unwavering' commitment to punishing Moscow")
The United Kingdom on Tuesday (May 19) loosened strict sanctions on Russian oil. This comes on the heels of the UK signing a G7 statement reaffirming its "unwavering commitment" to imposing "severe costs" on Russia for its war in Ukraine.
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Britain eases sanctions on Russian oil
The British government has announced that restrictions on importing diesel and jet fuel refined from Russian crude oil in third countries would be eased, effective immediately, citing supply concerns driven by the effective closure of the Strait of Hormuz since the US-Israel campaign against Iran began in late February. Some sanctions on the transportation of Russian liquefied natural gas were also lifted under a time-limited licence running until January 1.
In practice, the move reopens a critical supply line. The UK had banned imports of diesel and jet fuel refined from Russian crude in third countries since October. Easing that restriction will allow imports to resume from India, previously a major supplier to both the UK and Europe, where large quantities of Russian crude are processed. Significant volumes are also refined in Turkey.
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A spokesperson said overall sanctions had in fact been tightened, pointing to new export and import bans, restrictions on Russian uranium and a maritime services ban on Russian LNG that will gradually limit Moscow's access to UK shipping and insurance. "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," the spokesperson said.
The fuel situation has become increasingly acute in recent days. European jet fuel prices have more than doubled after the war began, before settling to around 50 per cent above pre-war levels. Several airlines operating in the UK have cancelled flights and raised ticket prices in response. The RAC said the average price of unleaded petrol hit 152.52 pence per litre on Monday, the highest since the conflict began.
The UK's move mirrors a similar decision by the United States, which extended a waiver this week, loosening sanctions on Russian oil already loaded on vessels at sea.
