{"text":[[{"start":9,"text":"The UK government has eased sanctions on Russian oil and natural gas in a move intended to ease supply problems during the Iran crisis."}],[{"start":18.95,"text":"The decision, quietly announced by the government on Tuesday evening, includes the loosening of sanctions on oil from Russia refined in third countries for jet fuel and diesel and echoes a similar move by the US."}],[{"start":31.9,"text":"The waiver — which Conservative leader Kemi Badenoch labelled as “insane” — begins on Wednesday and is intended to address concerns about the supply of some types of fuel caused by the blockade of the Strait of Hormuz waterway since the start of the US-Iran war."}],[{"start":47.349999999999994,"text":"The UK banned the import of refined fuels such as diesel and jet fuel made from Russian crude oil in October 2025, extending restrictions that had barred the direct import of oil and fuels produced in Russia since December 2022. The UK also lifted restrictions on shipping liquefied natural gas from two Russian terminals to other countries."}],[{"start":71.39999999999999,"text":"“After 18 months of ‘standing up to Putin’ the Labour government quietly issued a licence allowing imports of Russian oil refined in third countries,” Badenoch said on X on Wednesday."}],[{"start":83.24999999999999,"text":"“Yesterday Labour MPs voted AGAINST UK oil and gas licences. We are now importing from Russia instead of drilling in the North Sea. Insane.” "}],[{"start":91.89999999999999,"text":"The move follows a similar step by the US, which on Monday extended a sanctions waiver allowing purchases of Russian seaborne oil to support energy-vulnerable countries."}],[{"start":102.44999999999999,"text":"US Treasury secretary Scott Bessent said on Monday that his department would issue a new 30-day licence “to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea”. "}],[{"start":115.85,"text":"The move is the second extension of a waiver introduced by the Trump administration in March that allowed Russian oil subjected to sanctions to flow to global markets as part of Washington’s efforts to stem a surge in the price of oil. "}],[{"start":130,"text":"The UK licence issued on Tuesday grants exemptions where the fuels are processed in third countries but includes conditions such as record-keeping requirements for companies."}],[{"start":140.2,"text":"The new rules take effect on Wednesday and will be of indefinite duration, although they will be reviewed periodically and can be amended or revoked, the government said."}],[{"start":149.75,"text":"Prior to October last year, importing fuels made from Russian crude in third countries was a key pillar of the G7’s price cap regime, designed to curb Moscow’s revenues. "}],[{"start":160.8,"text":"By placing restrictions on Russia’s access to western insurance and shipping services, the aim was to cut the amount of money Moscow received for its crude, while still keeping the global oil market well supplied. A lot of the benefit was captured by refineries in India and Turkey that were happy to snap up discounted barrels of Russian crude, while selling refined fuels at market prices. "}],[{"start":183.05,"text":"Sanctions experts and energy analysts said this stopped global oil prices from rising too rapidly, which could have benefited Russia and harmed western economies, potentially undermining support for Ukraine. "}],[{"start":196,"text":"But last year the UK played a leading role alongside the US in tightening the sanctions regime, partly as the growth of Russia’s shadow fleet meant Moscow was becoming more effective at sidestepping western curbs. "}],[{"start":209.3,"text":"Last autumn the global oil market was also well supplied, with crude prices largely trading below £70 a barrel. But crude and fuel prices have jumped since the Iran war, stoking inflation and raising borrowing costs for countries such as the UK."}],[{"start":225.05,"text":"Treasury minister Dan Tomlinson told Sky News on Wednesday that “we do have to make sure that we are standing up to Putin’s aggression and making sure that we are protecting Ukraine. And at the same time, when there’s a very significant international conflict happening, when we do need to make sure that we keep security and supply across the world, we’re looking at time-limited changes on some very specific aspects.”"}],[{"start":256.90000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1779269717_3657.mp3"}