Ukraine ally Britain eases sanctions on Russian oil as fuel prices surge over Iran conflict

Earlier this week, Treasury Secretary Scott Bessent extended a 30-day sanctions waiver allowing the purchase of Russian oil shipments already at sea.On Tuesday, finance ministers from the US, Britain and the other Group of Seven wealthy nations issued a joint statement reaffirming our unwavering commitment to continue to impose severe costs on Russia in response to its continued aggression against Ukraine.

The UK government has quietly watered down sanctions on Russian oil in an effort to shelter Britons from the cost-of-living squeeze triggered by the closure of the Strait of Hormuz.

A trade license that came into effect Wednesday permits the import of Russian oil that has been refined into jet fuel and diesel in third countries, such as India and Turkey.

The US-Israeli war on Iran and Iran's closure of the strait, through which about a fifth of the world's oil usually passes, has sent fuel prices soaring around the world and sparked concerns about a shortage of jet fuel.

Treasury minister Dan Tomlinson said the changes are ''for a time limited period and on a very specific issue.''.

Britain has been one of Ukraine's strongest allies since Russia's full-scale invasion in 2022, and the government insist its sanctions against Russia remain among the toughest in the world.

But lawmaker Emily Thornberry, who chairs Parliament's Foreign Affairs Committee, said Ukrainians would ''feel very let down'' by the move. She said Ukraine's allies should keep squeezing Russia's oil industry, because it ''is absolutely crippling their economy.''.

The US has also eased Russian sanctions. Earlier this week, Treasury Secretary Scott Bessent extended a 30-day sanctions waiver allowing the purchase of Russian oil shipments already at sea.

On Tuesday, finance ministers from the US, Britain and the other Group of Seven wealthy nations issued a joint statement reaffirming ''our unwavering commitment to continue to impose severe costs on Russia in response to its continued aggression against Ukraine.''