UK waters down new Russian oil sanctions as fuel prices rise:
The change reflects increasing supply concerns over certain fuels due to the effective blockade of ...
bbc.com/news/articles/cy42x3g7r89o
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UK Delays Ban on Fuel Made from Russian OilAmid disruption around the Strait of Hormuz, the ban is expected to be phased in over coming months.
- The United Kingdom is delaying its ban on diesel and jet fuel made from Russian crude through third countries, introducing it gradually.
- The government cites supply risks; the Strait of Hormuz has been effectively blockaded since the Middle East conflict began.
- More than half of Europe’s jet fuel is transported through the strait; prices currently stand at $1,375 per tonne.
- CREA estimates that oil products worth about £1.8bn made from Russian crude have been imported through India and Turkey since December 2022.
I think we've ended up giving the wrong impression of what we're trying to do. We're trying to strengthen the regime, not weaken it. We're not waiving any sanctions.— Sir Chris Bryant, Trade Minister, apologizing to MPs
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