The UK will effectively loosen some Russian sanctions by allowing imports of diesel and jet fuel refined from Moscow’s crude in countries like India and Turkey.
The general license published late Tuesday takes effect Wednesday and didn’t set a time limit. The measure, which only applies to those two fuels, comes as swaths of global oil production remain disrupted by the Iran war, with diesel and jet fuel particularly hard hit.
Prices have soared since the US and Israel began bombing Iran at the end of February, disrupting refinery output in a region that Europe is reliant on for some supplies. The ICE gasoil futures benchmark, which is Europe’s main diesel marker, is currently trading at about $160 a barrel.
The license eases the impact of sanctions that came into effect earlier this year in an effort to curb Russia’s ability to reap cash from its oil and gas industry. Since invading Ukraine in 2022, Moscow has found new markets for its crude, particularly in India, which was previously a relatively small buyer.
The UK has not imported any diesel or jet fuel from India since January, according to data from Vortexa.
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