The U.K. government has delayed new sanctions on Russian oil to shield consumers from soaring fuel prices caused by the Iran war and Strait of Hormuz closure.
- A trade license permits imports of Russian oil refined in third countries like India and Turkey. - Opposition and Ukrainian officials criticize the move as weakening the sanctions regime.
- The U.S. also eased sanctions with a 30-day waiver for Russian oil shipments at sea.
- G7 finance ministers reaffirm commitment to impose severe costs on Russia. The licenses are temporary but symbolically weaken Western resolve, according to analysts.