Foreign secretary Yvette Cooper has accused Russia and Iran of trying to “hijack the global economy” as oil prices soar amid continued conflict in the Middle East.
Iran’s new supreme leader has vowed to continue attacking shipping in the Strait of Hormuz, as oil prices jump to around $100 (£75) per barrel as a result of the blockade of the key route where roughly one-fifth of the world’s daily oil consumption passes.
In a bid to stabilise the global oil price, Donald Trump’s administration announced it is temporarily easing measures preventing countries from buying Russian oil amid its ongoing war in Ukraine.
The move has sparked fears that Vladimir Putin could use the outbreak of war in Iran and the easing of sanctions as an opportunity to boost Russia’s wartime economy.
Speaking to the Press Association during a visit to Saudi Arabia, the foreign secretary linked the threat from Iran to that from Russia, a key ally of Tehran.
She said: “We have seen these links between Russia and Iran over an extended period of time.
“We’re seeing it in terms of technology, we see it in terms of the approach, we see it in terms of these kinds of tactics, and we see it in terms of the way these two states try to support each other and try to benefit together from attempting to hijack the global economy.”
She added: “We are very clear about the threat from both Russia and from Iran to the global economy and to all of our wellbeing.”
But Ms Cooper declined to criticise the easing of American sanctions on some Russian oil in the face of rising prices, saying it was a “specific, targeted issue”.
In a bid to ease global pressures, US treasury secretary Scott Bessent announced early on Friday that America would provide temporary authorisation for countries to buy Russian oil already loaded on vessels at sea.
“This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government,” he said in a post on X.
Energy minister Michael Shanks indicated the UK government will not follow suit, telling Sky News: “The UK has been really clear that our sanctions on Russia stay in place. This is a moment where I suspect in the Kremlin they are looking at this as an opportunity to fix some of their ailing economy.
“That is a great shame, because we have to do everything that we possibly can to make sure that we are bringing all pressure to bear on Russia so that we can win this war in Ukraine.
“It’s really important that we don’t do anything that can assist the Russian war machine right in the middle of a really critical moment in this conflict against Ukraine.”
Ms Cooper visited a British military base in Saudi Arabia on Friday to speak to troops protecting the country’s critical national infrastructure. She spoke to soldiers from 9 (Plassey) Battery, Royal Artillery, who operate air defence systems.
The base is part of a long-running deployment providing air defence support for Saudi Arabia, which began in 2022 at Riyadh’s invitation following a one-way drone attack on the country.
Defence secretary John Healey was briefed on the latest updates on British action in the Iran conflict during a visit to the Northwood military headquarters in Hertfordshire on Thursday.
Mr Healey warned Putin’s “hidden hand” was behind some of the Iranian tactics and added the Russian president is benefitting from the surge in oil prices.
“It helps him with a fresh supply of funds for his brutal war in Ukraine,” he said.
Prime minister Sir Keir Starmer has vowed to “de-escalate the situation” and said he is co-ordinating with other world leaders on the supply of oil.
Part of that effort saw Ms Cooper meet a range of Saudi ministers on Thursday, including the energy minister and foreign minister.
She also addressed a special meeting of the Gulf Co-operation Council’s (GCC) foreign ministers on regional stability and discussed Iran’s new leader, Mojtaba Khamenei’s threats to the Strait of Hormuz.
GCC secretary-general Jasem Al-Budaiwi thanked Ms Cooper for the UK’s military and “moral support”.
On Friday morning, Mr Trump issued a new warning to Iran on Truth Social, warning his military has “unparalleled power”.
He wrote: “Watch what happens to these deranged scumbags today.”
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