UK Eases Russian Oil Sanctions Amid Rising Diesel Prices

AI Summary

The UK government has relaxed sanctions on Russian oil refined into diesel and jet fuel in third countries, effective Wednesday, amid rising fuel prices. This change aims to address supply concerns due to blockades in the Strait of Hormuz following the US-Israel conflict with Iran. European jet fuel prices have more than doubled since the war began, with recent increases prompting airlines to cancel flights and raise fares. The UK government plans to review these adjustments periodically, signaling a potential shift in its approach to sanctions against Russia.