UK Eases Russian Oil Sanctions Over Fuel Prices
The UK has eased some sanctions on Russian oil. Fuel prices are rising and oil supplies are low.
The change covers Russian oil refined into jet fuel and diesel in other countries. India and Turkey are examples of those countries.
The UK Treasury also issued a short-term licence for Russian gas transport. Treasury minister Dan Tomlinson said the changes are for a limited time only.
They are also on a very specific issue. This was not a full lifting of Russian oil sanctions.
Supply problems got worse after a blockade of the Strait of Hormuz. About one fifth of the world's oil normally passes through that strait.
The blockade stems from the US-Israel conflict with Iran. The US made a similar move earlier this week.
But the decision drew criticism. French President Macron said the Hormuz blockade did not justify easing Russia sanctions.
UK politician Emily Thornberry said Ukrainians would feel let down. The EU also criticized the decision.
Key Terms 4
- sanctions Rules that stop countries from trading with each other as punishment
- Strait of Hormuz Narrow sea passage where one fifth of world oil travels through
- LNG Liquefied natural gas — gas cooled into liquid for easier transport
- licence Official permission to do something normally not allowed