Downing Street has hit back at the US decision to loosen sanctions on Russian oil as Yvette Cooper accused the Kremlin and Iran of attempting to “hijack the global economy”.
Oil prices have rocketed to around $100 a barrel as energy markets were rocked by Iran’s blockade of the Strait of Hormuz – a crucial shipping lane. US Treasury Secretary Scott Bessent scrambled to curb the economic fallout by allowing temporary authorisation for countries to buy Russian oil already loaded on vessels at sea
But Keir Starmer’s spokesman said allies must maintain pressure on Russia and its war chest amid fears the Kremlin will exploit this opportunity to raise funds for its war on Ukraine. It marks another dividing line between Britain and the US after Mr Starmer refused to allow UK military bases to be used in initial strikes against Iran.
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Asked if Mr Starmer was disappointed by the US move on sanctions, the PM’s official spokesman said: “It’s obviously a decision for the US, but our position is clear. All partners should maintain pressure on Russia and its war chest.
“Our support for Ukraine is degrading Russia’s ability to wage war around the globe, both militarily and financially. The best way to continue to stop Russia supporting hostile actors is to continue on collective pressure and end the war in Ukraine.”
Asked to rule out the UK weakening its sanctions regime, the PM’s spokesman said: “Our sanctions remain, there’s no question about that. We remain committed to exerting that maximum economic pressure.”
Earlier, Energy Minister Michael Shanks said: “This is an absolutely critical moment in the Russian aggression against Ukraine and sanctions are important.
“What we absolutely can’t have is Putin sitting in the Kremlin thinking this is an opportunity to invest more in the war machine.”
The Foreign Secretary also issued a warning over the Kremlin’s ties to Iran. Speaking on a visit to Saudi Arabia, Ms Cooper 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.”
It comes as RAF jets widened their patrol of the skies to Bahrain on Thursday night to hunt Iranian drones.
Downing Street said: “Overnight, UK jets flew air defence sorties specifically in defence of Bahrain for the first time. This saw Typhoon jets patrolling the skies for Iranian drones heading towards Bahrain.
“British Typhoon and F35 jets are now flying in defence of British people, bases and our partners, moving in Qatar, Cyprus, UAE, Jordan and Bahrain.”
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