LONDON (AP) — The U.K. government has delayed some new sanctions on Russian oil in an effort to shelter Britons from the cost-of-living squeeze triggered by the effective closure of the Strait of Hormuz in the Iran war.
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 U.S.-Israeli war on Iran and Iran's retaliatory grip on 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.
