As a result of spiking fuel prices and concerns about jet fuel supply shortages, the UK government has waived sanctions on imports of diesel and jet fuel processed from Russia-origin crude in third countries.
The easing of a small part of the UK’s strict sanctions and bans on Russian crude and oil product imports is to protect supply security, the Labour government argues. But the Conservatives slammed the decision as “insane” and a sign that the sanctions are being undermined by domestic political agenda.
This “small and specific” and “time-limited” waiver in the UK’s sanctions regime was made to “protect the security of supply for really important foundational goods in our economy such as jet fuel,” the UK’s Treasury minister Dan Tomlinson told BBC Breakfast on Wednesday.
Earlier this week, the average UK gasoline price jumped to the highest level since the Iran war began, putting additional pressure on consumers grappling with higher gas and other energy costs.
Set OilPrice.com as a preferred source in Google .
Commenting on the government’s decision to allow imports of diesel and jet fuel produced in third countries from Russian crude, the leader of the Conservative Party, Kemi Badenoch, posted on social media “After 18 months of ‘standing up to Putin’ the Labour govt quietly issued a licence allowing imports of Russian oil refined in third countries. Yesterday Labour MPs voted AGAINST UK oil and gas licences. We are now importing from Russia instead of drilling in the North Sea. Insane.”
The UK move to ease import restrictions on fuels made from Russia-origin crude in third countries comes days after the U.S. Treasury extended a waiver of Russia-related sanctions, allowing sales of Russian oil floating at sea for another 30 days until June 17.
The U.S. first issued a waiver in March allowing Russian crude on tankers to be sold without penalties as oil and fuel prices spiked in the wake of the Iran war.
By Michael Kern for Oilprice.com
More Top Reads From Oilprice.com
- Woodside CEO: Markets Are Badly Underestimating the LNG Supply Shock
- Indonesia Tightens Grip on Key Commodity Exports
- Three Supertankers Carrying 6 Million Barrels Exit Strait of Hormuz
