UK Loosens Russian Oil Restrictions
On May 19, the United Kingdom announced it is easing restrictions on importing diesel and jet fuel refined from Russian crude in third countries. The move comes after the G7 reaffirmed commitment to imposing severe costs on Russia for its war in Ukraine. The UK government cited concerns about fuel supply disruptions caused by the closure of the Strait of Hormuz since the US-Israel operations against Iran in late February.
Operational Details And Licence Extensions
Under the new policy, imports of Russian diesel and jet fuel from India and Turkey, where large quantities of Russian crude are refined, can resume. Some sanctions on the transport of Russian liquefied natural gas were also eased with a temporary licence running until January 1. Overall, the UK maintains strict controls, including new export and import bans, restrictions on Russian uranium, and maritime service bans to gradually limit Moscow's access to shipping and insurance.
Fuel Market Impact
Fuel prices in Europe have surged since the conflict began, with European jet fuel costs more than doubling and UK petrol prices reaching 152.52 pence per litre on May 18. Airlines have responded with flight cancellations and higher ticket prices. Officials emphasized that the easing of some sanctions is designed to stabilize critical supply chains while continuing to degrade Russia’s ability to finance its war in Ukraine.
International Context And US Coordination
The UK's action mirrors a similar US decision to extend a waiver allowing Russian oil already loaded at sea to be imported. The coordinated approach aims to ensure market stability while keeping pressure on Moscow through broader sanctions measures. Observers note that these measures attempt to balance energy security with ongoing geopolitical efforts against Russia’s war activities.
