News & Comment

If the UK were to import the same volumes of jet fuel and diesel derived from Russian crude oil as in 2025, and current market prices remained at similar levels until the end of the year, the total value of these imports could reach approximately $1.2bn to $1.4bn.”

Iran has been working to make this possible for a while. The system is now resilient to Iran being tied down.”

I don't underestimate how closely the Ukrainians watch what the UK is doing...it's just an embarrassment frankly, for Downing Street. It was poorly communicated. I think people will move on but ... I think another critical thing in this is it just shows how vulnerable the UK is to decisions that are being made outside its control. The war in Iran has nothing to do with the UK, but war in the Iran is inflicting these kinds of decisions on the Prime Minister."