UK eases Russian oil import sanctions as fuel prices soar

The United Kingdom government eased sanctions on imports of Russian jet fuel and diesel refined in third countries, as fuel prices soared due to the Iran war and prolonged closure of the Strait of Hormuz.

The trade licence, effective Wednesday, is of “indefinite duration,” according to the UK’s Department for Business and Trade, and will be reviewed periodically. It allows the UK to import Russian crude oil refined in third countries such as India and Turkey.

The government also issued a temporary licence that eases sanctions on liquefied natural gas originating from certain Russian plants.

The UK and other Western countries imposed strict sanctions on Russia after its 2022 invasion of Ukraine, targeting oil exports and more than 3,000 individuals and companies.

This decision follows a U.S. sanctions waiver for Russian oil cargoes already at sea, extended Monday for the second time as the war against Iran squeezes global oil supplies.

The European Union criticized the U.S. waiver extension on Tuesday during a meeting of G7 finance ministers, which the UK also attended. EU Economy Commissioner Valdis Dombrovskis said it is not a time to “ease pressure on Russia.”

UK Treasury Minister Dan Tomlinson stated 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 maintains its sanctions against Russia remain among the toughest globally.

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 posted 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.”