U.S. sanctions volatility: waiver extensions and UK easing
Key Questions
What is GL 134C and how does it affect Russian oil sanctions?
GL 134C extends Russian oil waivers until June 17 2026, allowing continued purchases of Russian crude by certain countries. This supports Urals flows amid volatile market conditions.
Why is the UK easing sanctions on Russian fuels?
The UK is delaying bans on jet fuel and diesel made from Russian crude due to price spikes and fears of supply shortages linked to the Iran conflict. This easing aims to address domestic fuel security concerns.
What is the status of the US sanctions waiver on Russian oil?
The temporary US waiver has been allowed to expire by the Trump administration, raising energy security concerns for buyers like India while signaling tighter restrictions.
How do these policy changes relate to Iran supply concerns?
UK easing and US waiver decisions occur amid Iran war risks that threaten global supply, prompting governments to prioritize short-term energy stability over stricter sanctions enforcement.
What impact might the UK policy shift have on fuel prices?
By suspending planned bans and extending duty relief, the UK seeks to mitigate surging prices caused by reduced Russian crude availability and Iran-related supply fears.
Does the waiver extension support continued Russian oil exports?
Yes, the extension to June 2026 helps maintain flows of Urals crude but highlights ongoing political and liquidity risks in the sanctions regime.
How has the expiration of the US waiver affected India?
India faces fresh energy security concerns as the waiver allowing purchases of Russian seaborne crude has expired, potentially forcing adjustments in import strategies.
What broader signal do these sanctions adjustments send?
The changes indicate fluid political and market-driven risks, with governments balancing support for Ukraine against immediate energy supply and price pressures.
GL 134C extends Russian oil waivers to June 17 2026; UK delays bans on jet fuel/diesel from Russian crude amid price spikes and Iran supply fears. Supports Urals flows but signals fluid political/liquidity risk.