UK clears imports of fuel refined from Russian crude - Reuters
The license is valid indefinitely, but it may be reviewed (Photo: Getty Images)
UK has allowed the import of diesel and jet fuel produced abroad from Russian oil. The decision was made amid a spike in fuel prices due to the closure of the Strait of Hormuz. A day earlier, the US took a similar step, reports Reuters.
What Britain has allowed
The license, which takes effect on Wednesday, allows the import of fuel processed from Russian oil in third countries, including India and Türkiye. Companies are required to keep appropriate records.
The license is valid indefinitely, but is subject to regular review and may be revoked.
Separately, Britain has issued a temporary license until January 1 of next year for the maritime transportation of liquefied gas from the Russian Sakhalin-2 and Yamal LNG projects, including transportation services, financing, and brokering.
Why this is happening
Brent crude oil is trading at around $110 per barrel — near recent highs. Jet fuel prices have risen sharply, and airlines are raising fares and cutting flights. Higher fuel prices increase inflationary pressure on British consumers — at the same time, official statistics have recorded a cooling labor market.
The US on Monday extended a sanctions waiver allowing the purchase of Russian seaborne oil — to support countries vulnerable to supply disruptions due to the closure of the Strait of Hormuz.
A similar US decision previously drew criticism in Europe. A European Commissioner criticized the US for easing oil sanctions against Russia; Brussels emphasized that this would only increase the Kremlin's financial gains.
Ukrainian President Zelenskyy also stressed that there are currently no grounds for easing sanctions pressure on Russia, as this would only encourage its aggression.
