UK loosens Russian oil sanctions as fuel prices rise
The UK government has relaxed certain sanctions on Russian oil products as fuel prices continue to rise. This decision comes amid supply concerns linked to the ongoing conflict in the Strait of Hormuz. While the UK maintains a commitment to tougher sanctions on Russia, the new measures aim to stabilize fuel supplies and prices.
- ▪The UK has loosened sanctions on Russian oil refined into diesel and jet fuel in third countries.
- ▪European jet fuel prices have more than doubled since the start of the US-Israel war with Iran.
- ▪The new rules for sanctioned processed oil products will be of indefinite duration but will be reviewed periodically.
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UK loosens Russian oil sanctions as fuel prices rise6 minutes agoShareSaveAdd as preferred on GoogleFaisal 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 riseThe 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.
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