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Bloomberg

The UK moved to loosen its Russian sanctions in a controversial move aimed at preventing shortages of diesel and jet fuel, as the war in Iran eats into global oil buffers.
The move highlights how Britain has become more reliant on fuel imports than other major European nations, and has prompted political backlash over the government’s commitment to support Ukraine.
The European Union is not currently planning a similar measure, according to people with knowledge of the matter, who asked not to be named discussing non-public information.
Britain issued ‌two licences on Tuesday to allow imports ‌of diesel and jet fuel ⁠refined ⁠abroad from Russian crude ‌to shore up supply. They take effect on Wednesday with “indefinite duration and shall be periodically reviewed”.

The measure, which applies only to diesel and jet fuel, comes as swathes of global oil production remain disrupted by the Iran war, with those products particularly hard hit.
Prime ⁠Minister Keir Starmer said on Wednesday the changes were designed to phase in new sanctions and protect consumers, rejecting suggestions the government was ⁠easing pressure on Moscow.
“This is not ‌a question ‌of lifting existing ‌sanctions in any way ⁠whatsoever, and we will continue ⁠to work with our allies on further sanction ‌packages,” ‌Starmer told parliament.
Fuel prices have soared since the conflict started at the end of February, disrupting refinery output in a region that Europe relied on for supplies and bolstering global competition for available barrels.
Still, some airlines have recently said they do not anticipate fuel shortages in Europe this summer, while the UK’s dependence on imports has increased with the closure of the Grangemouth refinery in Scotland and the Lindsey plant in North Lincolnshire.
UK inventories of diesel and jet fuel are set to shrink to their lowest since 2023 this month, according to data from OilX, which is part of consultant Energy Aspects.

Last month, the country’s refinery output covered less than a third of national demand for jet fuel and kerosene, the base product from which plane fuel is made.
ICE gasoil futures, Europe’s main diesel benchmark, are currently trading at about US$160 a barrel after peaking above US$210 in early April.
The loosening of restrictions on jet fuel made from Russian crude primarily in India and Turkey is one possible avenue to lower prices in the UK.
The licence 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 US has also issued waivers on its own Russian oil sanctions since the war began.
Emily Thornberry, who chairs parliament’s Foreign Affairs Committee, said that the people of Ukraine had been “very let down” by the decision to relax sanctions on Russian crude oil.
We promised that we would stop this loophole in October, and we still haven’t done it
Emily Thornberry, Foreign Affairs Committee chairwoman
“They don’t understand, given that we promised that we would stop this loophole in October, and we still haven’t done it. In fact, it seems to have got worse,” Thornberry told the BBC on Wednesday.
Officials in the UK government, where ministers are currently embroiled in an internal battle over Starmer’s future, blamed each other for the need to act.
Some said the Energy Department’s restrictions on expanding supply had left the UK in a more vulnerable position.
One said that No 10 Downing Street had failed to take the lead on mitigating the impact soon. Another said the Treasury and the Foreign Office had wavered at the first sign of strain.
They privately conceded that it weakened the UK’s case for its Group of Seven allies to maintain and bolster sanctions against Russia.
The UK has not imported any diesel or jet fuel from India since January, according to data from Vortexa.
“The sanctions also include a new maritime services ban on Russian LNG which will progressively restrict Russia’s access to the UK’s world-leading shipping and insurance services,” the government said.
“Our support for Ukraine is unwavering – these additional sanctions will further restrict Russian revenues and degrade its ability to wage [Vladimir] Putin’s illegal war in Ukraine.”
Additional reporting by Reuters


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UK inventories of diesel and jet fuel are set to shrink to their lowest since 2023 this month


UK inventories of diesel and jet fuel are set to shrink to their lowest since 2023 this month.


Ukraine

Ukraine war

Russia

Energy

Fuel-thirsty UK relaxes Russian oil sanctions, leaving Ukrainians ‘very let down’

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}UK inventories of diesel and jet fuel are set to shrink to their lowest since 2023 this month

UK inventories of diesel and jet fuel are set to shrink to their lowest since 2023 this month