The UK government has announced a relaxation of strict sanctions on Russian crude oil, allowing for the import of jet fuel and diesel refined in third countries. The decision, which came into effect on Wednesday, has been met with criticism from the Conservative party, with one MP calling it 'insane'.
The trade licence, which will be reviewed periodically, permits the imports indefinitely and aims to address growing concerns over the supply of certified aviation fuel and diesel. The move follows a surge in costs, with the price of crude oil reaching new heights.
The UK's decision to relax sanctions on Russian crude oil has been widely condemned by Tory MPs, who argue that it undermines the government's efforts to isolate Russia following its invasion of Ukraine. 'This is a catastrophic decision that undermines our sanctions policy and emboldens Putin's regime,' said one Conservative MP.
However, the government has argued that the decision is necessary to ensure the UK's energy security and to prevent a crisis in the aviation and transport sectors. The imports will be strictly regulated, with all shipments subject to thorough verification and monitoring.
The UK's decision to relax sanctions on Russian crude oil is likely to have significant implications for the global oil market, with prices expected to rise in response to the increased demand. The move is also likely to be closely watched by other countries, which may follow the UK's lead in relaxing sanctions on Russian crude oil.
The UK government has urged caution on the issue, advising British nationals to exercise increased vigilance when travelling abroad due to the ongoing conflict in Ukraine. The Foreign Office has updated its travel advice to reflect the changing circumstances.