European Union Remains Committed to Sanctions on Russian Oil and Gas Imports
BRUSSELS - The European Union remains committed to sanctions on Russian oil and gas imports, the European Commission announced today, reacting to the United Kingdom's decision to allow imports of diesel and jet fuel processed abroad from Russian crude oil, based on an exemption within the sanctions.
TL;DR
- The European Union remains committed to its sanctions on Russian oil and gas imports.
- The UK has decided to ease sanctions on Russian crude oil processed into diesel and jet fuel in third countries due to rising prices.
- This UK decision is partly a response to concerns about fuel supply due to the blockade of the Strait of Hormuz.
- Some sanctions on the transport of Russian liquefied natural gas (LNG) have also been lifted by the UK.
- The new rules for sanctioning processed oil derivatives will be of indefinite duration but subject to periodic review.
- The UK has issued a time-limited license for maritime transport of LNG and related services, valid until January 1st.