UK loosens Russian oil sanctions as fuel prices rise

UK loosens Russian oil sanctions as fuel prices riseJust nowShareSaveAdd 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. A similar move by the US was widely criticised.European jet fuel prices more than doubled after the war started but are now around half higher while UK pump prices continue to rise.According to motoring firm the RAC, the average price of unleaded petrol reached 152.52p a litre on Monday, the highest since the start of the war.Several airlines operating in the UK and around the world have cancelled flights and raised prices in response to sky-high jet fuel prices.For years the UK led international efforts to put economic pressure on Russia for its war on Ukraine. Only on Tuesday it signed a G7 statement reaffirming its "unwavering commitment" to impose "severe costs" on Russia. Since October the UK had banned the import of diesel and jet fuel refined from Russian crude oil in third countries.Easing sanctions now will effectively allow imports of jet fuel from India, which was previously a key supplier to UK and Europe. A lot of Russian crude is also refined in Turkey.The new rules for sanctioned processed oil products will be of "indefinite duration", though they will be reviewed periodically and may be amended or revoked, the government said.The UK also issued a time-limited licence covering the maritime transportation of L...