UK loosens Russian oil sanctions as fuel prices rise

The UK has delayed and loosened sanctions on Russian oil refined into diesel and jet fuel in third countries, citing rising fuel prices and supply concerns ^[1][2]. The government denied the move constitutes a sanctions 'waiver' ^[2].

The policy shift, which began this week, will allow imports of jet fuel from India and phases in some new sanctions over the coming months ^[2]. Some sanctions on the transport of Russian liquefied natural gas were also lifted ^[1]. UK fuel prices continue to climb, with the average price of unleaded petrol reaching 152.52p per litre ^[1][2]. Jet fuel prices have experienced significant volatility, recently settling around $1,375 per tonne after a spike to $1,838 in early April ^[2]. The UK government stated it had introduced new prohibitions under the Russia sanctions regime but required extra flexibilities ^[1]. It also reaffirmed its commitment to a recent G7 statement imposing severe costs on Russia ^[1].