UK vows to phase out Russian diesel and jet fuel imports by new year

UK vows to phase out Russian diesel and jet fuel imports by new yearJust nowShareSaveAdd as preferred on GoogleRachel ClunandArchie Mitchell,Business reportersGetty ImagesThe UK government has committed to banning imports of diesel and jet fuel made from Russian oil by 1 January 2027.The ban forms part of the government's package of sanctions on Moscow following the war with Ukraine.In May, the government said it would gradually phase out the use of diesel and jet fuel refined in third countries from Russian crude oil as it introduced new sanctions, saying extra flexibility was needed due to global oil supply issues.The move prompted criticism, with the EU warning it is "not the time to roll back sanctions" against Moscow.Trade Minister Chris Bryant said: "The end date is a clear signal that we continue to ratchet up maximum pressure on Russia."The temporary licence to import those products will be reviewed every two weeks, the government said. It is understood the review process means the licence could be revoked sooner than 1 January."I made a commitment to the House of Commons that we would review the temporary general licence for diesel and jet fuel on a fortnightly basis and lift it as soon as practicable," Bryant said. "Today we're confirming that the government will include an end date of 1st January 2027 in the licence at the latest and that we will continue to keep the licence under continuous review."Global oil prices have been pushed up by the US and Israel conflict with Iran, as the effective halt of trade through the Strait of Hormuz has reduced global oil supplies.Before the conflict, the global oil benchmark Brent crude was trading around $70 a barrel, but is currently trading around $87 as a deal to end the conflict appears close.Foreign, Commonwealth and Development Office Minister Stephen Doughty said: "These new measures that strengthen our sanctions will stop refined oil made from Russian cru...