Britain will allow imports of diesel and jet ⁠fuel refined abroad from Russian crude ⁠under a sanctions carve-out, watering down restrictions to help ensure supply at home as prices soar due to the conflict in the Middle East.

A trade license that came into effect on Wednesday permits the import of Russian oil that has been refined into jet fuel and diesel in third countries such as India and Türkiye, opening up more supplies for Britain.

The U.S.-Israeli war on Iran and Tehran’s retaliatory grip on the Strait of Hormuz, 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.

Opposition Conservative Party leader Kemi Badenoch accused the British government of “choosing to buy dirty Russian oil.”

But Prime Minister Keir Starmer said the government is phasing in a package of sanctions announced in October and has issued a “targeted short-term” license for the refined products to protect British consumers in a volatile situation.

“So, these are new sanctions being phased in. This is not a question of lifting existing sanctions in any way whatsoever,” he said in the House of Commons.

The licenses have no end date, but the government said they would be reviewed periodically and can ‌be amended or revoked.

National interest comes first

Britain has been one of Ukraine’s strongest allies since Russia’s full-scale invasion in 2022, and the government insists its sanctions against Russia remain among the toughest in the world.

But lawmaker Emily Thornberry, who chairs parliament’s foreign affairs committee, said Ukrainians would “feel very let down” by the move. She said Ukraine’s allies should keep squeezing Russia’s oil industry because it “is absolutely crippling their economy.”

Junior Treasury Minister Dan Tomlinson said while Britain’s support for Ukraine ​remains steadfast, ⁠the national interest had to come first, and therefore a loosening of certain sanctions for now made sense.

“We have to make sure that we protect the security of supply for really important foundational goods in our economy, such as jet oil,” Tomlinson told the BBC on Wednesday.

The move follows a similar step by the U.S., which has also eased Russian sanctions. Earlier this week, Treasury Secretary Scott Bessent extended a 30-day sanctions waiver allowing the purchase of Russian oil shipments already at sea.

On Tuesday, finance ministers from the U.S., Britain and the other Group of Seven (G-7) wealthy nations issued a joint statement reaffirming “our unwavering commitment to continue to impose severe costs on Russia in response to its continued aggression against Ukraine.”

Thousands of sanctions remain

Since Russia launched a full-scale invasion of Ukraine, ⁠Britain ⁠has sanctioned more than 3,200 individuals, businesses and ships under its Russia sanctions regime, to try to disrupt Russia’s actions and help Kyiv.

Brent crude on Wednesday was trading at around $110 a barrel, near recent highs, reflecting concerns over disrupted flows through the Strait of Hormuz.

Critics said the changes will allow the Kremlin to earn more money ⁠and fund the war against Ukraine.

Tomlinson defended the change as a “sensible decision” to help ensure the security of supply and help industry, airlines and households with rising prices. He said Britain continued to support Ukraine by ​providing billions of pounds of military equipment and through the multiple sanctions that remain.

Airlines in ​April warned about potential shortages of jet fuel supplies for the summer, but recently struck a more bullish tone on availability, although carriers worldwide have hiked fares and ⁠some have ‌cut flights.

Separately, Britain on Tuesday issued a time-limited licence covering ​the maritime transportation of liquefied natural ⁠gas from Russia’s Sakhalin-2 and Yamal projects and related services – including ⁠shipping, financing and brokering – under Russia sanctions rules, running until Jan/ 1 next year.

Sakhalin-2, ⁠based in Russia’s Far ​East, and Yamal LNG in the Arctic, are among the country’s largest gas export projects.

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Electricity generated from wind and solar energy in Türkiye exceeded coal-fired generation for the first time in April, in another advancement in the country’s energy transition as renewable sources gain a record share in overall power output.

Wind power accounted for 9.7% of Türkiye’s electricity generation in April, while solar energy contributed 13.1%, according to data compiled from the national energy exchange and market operator EPIAŞ.

Combined, the two renewable sources made up 22.8% of total power output, surpassing coal-fired power plants, whose share fell to 21% during the same period.

The development highlighted the declining role of fossil fuels in Türkiye’s electricity mix and the growing weight of renewable energy sources in power generation.

Coal has long been the largest single power fuel source, but Türkiye has pledged to gradually reduce its carbon emissions to zero by 2053, with ambitious renewable energy targets also aimed at reducing heavy energy import dependency.

The government has recently expanded renewable energy tenders and announced new offshore wind and grid infrastructure plans as electricity demand continues to rise.

Overall, renewable energy sources accounted for 71% of total electricity production in April, reaching one of the highest levels recorded in recent years.

Hydropower output also rises sharply

Above-seasonal rainfall also boosted hydroelectric generation, further strengthening renewable output that is helping ease pressure on the energy bill of one of Europe’s largest natural gas importers.

Hydropower production was 27% above the eight-year average and 60% higher than the same period last year, according to the data.

Water inflows into Türkiye’s main river basin dams during the first four months of 2026 also reached the highest level recorded over the past eight years, including long-term averages.

Notably, water inflows from January through April alone amounted to 95% of the total inflows recorded throughout all of last year.

Meanwhile, natural gas and imported coal saw notable declines in electricity generation shares.

Gas accounted for 7.7% of total power generation in April compared with the same period a year earlier, while imported coal’s share dropped to 8.6%, marking its lowest monthly level in nine years.

Gas, along ​with crude oil, constitutes the largest item in Türkiye’s energy import bill, which ⁠was $62 billion (TL 2.83 trillion) last year.

Hydroelectric plants lessen the need for thermal plants to use imported gas, ​which, like oil, has seen a global price surge due to the Iran war.

Sustaining renewable momentum

Ember energy analyst Çağlar Çeliköz said the figures represented one of the most significant developments in Türkiye’s energy transition in recent years and stressed the importance of sustaining the growth in wind and solar energy.

Çeliköz noted that strong growth in wind and solar capacity, which accounted for 89% of installed capacity additions over the past five years, played a major role, alongside increased hydropower production driven by favorable weather conditions.

“This development was supported both by the momentum achieved in wind and solar energy and by hydroelectric production levels that were 27% above the eight-year average due to above-seasonal rainfall,” he said.

However, Çeliköz cautioned that hydropower output can fluctuate significantly depending on climate conditions, creating uncertainty for future production levels.

For the gains to become more permanent, Türkiye must continue accelerating investments in wind and solar energy, he added.

“Türkiye needs to ensure resource diversity in renewable electricity generation by increasing the momentum it has achieved in wind and solar energy.”

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After nearly a year of fluctuating trade tensions, the European Union reached an agreement Wednesday to implement its side of a trade pact with the U.S., seen as a crucial step in de-escalating the tariff disputes sparked by President Donald Trump.

Hailing the “good news,” German Chancellor Friedrich Merz said it showed the bloc was “delivering on its commitments” and bringing “security and stability” for European businesses – which faced a new Trump tariff threat unless the deal kicks in by July 4.

The 27-nation bloc struck an accord with Washington last July, setting levies on most European goods at 15%, but to Trump’s frustration, it had yet to make good on its pledge to scrap levies on most U.S. imports in return.

Negotiators from the EU’s parliament and capitals wrangled late into the night in Strasbourg, finally emerging long after midnight with news of an agreement to move forward.

“This means we will soon deliver on our part,” EU chief Ursula von der Leyen said on social media, calling for the implementation process to be quickly finalized as Trump’s deadline looms.

“Together, we can ensure stable, predictable, balanced, and mutually beneficial transatlantic trade.”

The EU agreement puts the bloc well on track for ratification by July 4 – short of which the U.S. leader threatened “much higher” tariffs and already vowed to raise duties on European cars and trucks from 15% to 25%.

Trump’s tariff blitz targeting steel, aluminium, car parts and other sectors hit the bloc hard before the deal struck with von der Leyen in Turnberry, Scotland last year – and has jolted it to cultivate trade ties around the world.

But the EU cannot afford to neglect the 1.6-trillion-euro ($1.9-trillion) relationship with the U.S., its largest trade partner.

‘Get what you need’

The EU parliament gave the deal a conditional green light in March, after months of delay caused by Trump’s designs on Greenland and a U.S. Supreme Court ruling striking down many of the president’s tariffs.

Parliament was under pressure to drop several amendments the Americans considered unacceptable, but trade committee head Bernd Lange – whose job was to hammer out a stance between haggling factions – played down the concessions extracted from lawmakers.

“One of my favorite songs from the Rolling Stones is, ‘You can’t always get what you want’. But if you try, you will get what you need – and indeed, we got what we need,” he told reporters at a press conference on Wednesday.

“We need a safety net in the relation with the United States,” Lange said, calling U.S. trade policy under Trump “totally unsecure and unpredictable.”

Among the safeguards built into the final text, the European Commission can move to suspend the accord if the U.S. fails to meet its commitments or disrupts trade and investment, including by “discriminating against or targeting EU economic operators.”

It also gives the EU means to address spikes in U.S. imports “that cause or threaten to cause serious injury to domestic producers,” with suspension once again a possible outcome.

There were clear compromises too, with the text notably giving the United States until the end of the year to drop surtaxes above 15% on steel components, rather than making it a precondition as parliament wanted.

Another concession was over so-called “sunrise” and “sunset” clauses under which the EU side of the accord would kick in once the U.S. makes good on its pledges, and would expire unless renewed in 2028.

The sunrise clause was removed altogether, while the sunset was pushed back to the end of 2029.

The pan-European agri-business group Copa-Cogeca welcomed the overall deal as a “step towards greater certainty for farmers” but vowed to remain vigilant over potential ill-effects.

Similarly, Germany’s auto industry association VDA broadly welcomed the agreement but also warned the safeguards risked upsetting the apple cart with the U.S. side – calling for matters to now be finalized “as quickly as possible.”

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The eldest son of the late Isak Andic, founder of the clothing chain Mango, has been arrested over his father’s death during a hiking trip in December 2024, Spanish police said Tuesday.

Jonathan Andic, who was alone with his 71-year-old father when the retail magnate plunged to his death in the Montserrat mountains near Barcelona, was taken into custody, Catalan regional police said, confirming a report in the daily La Vanguardia newspaper.

Authorities said at the time that he fell from a height near the Salnitre caves in Collbato, an area marked by steep drops and ravines.

Investigators initially treated the death as an accident, with early findings suggesting Isak may have slipped. A judge closed the case in January 2025 after finding no evidence of criminal wrongdoing.

However, investigators with Catalonia’s regional police force, the Mossos d’Esquadra, along with prosecutors and the court, reopened the investigation in October 2025 after citing inconsistencies in Jonathan Andic’s testimony, according to the reports.

Jonathan Andic has denied any responsibility for his father’s death and has maintained that the fall was accidental.

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British banking major Standard Chartered announced on Tuesday plans to slash thousands of jobs by 2030 as artificial intelligence replaces employees in a range of administrative roles.

The Asia-focused lender said in a statement it plans to cut more than 15% of the roles identified, amounting to around 7,800 posts.

The bank, which employs around 82,000 worldwide, did not specify in which countries the cuts would occur.

“Our next phase of our growth will be supported by a simpler, faster and more connected operating model,” it said in a statement, adding that it was seeking to “streamline processes, improve decision-making and enhance both client service and internal efficiency.”

“We are investing in the capabilities that will compound our competitive advantages and drive sustainable growth and higher quality returns over time, with clear targets in place,” Standard Chartered chief executive Bill Winters said in the statement.

It said it hoped the changes would drive productivity improvements to help raise income per employee by around 20% by 2028.

“Our strategy is grounded in a simple belief: the world is becoming more connected, more complex and more cross-border,” Winters added.

Following the update, shares in the group were down 0.9% on London’s benchmark FTSE 100 index, which was up 0.5% overall in late morning deals.

“The planned headcount cuts are sure to grab headlines, but the bigger message is that management is trying to strip out complexity and fund growth areas like Asian wealth and corporate banking without letting costs run away,” noted Matt Britzman, senior equity analyst at Hargreaves Lansdown.

“The investment case still leans heavily on familiar themes: growth in affluent banking across Asia, stronger fee income, and ongoing cost discipline.”

Companies across numerous sectors are cutting jobs as AI plays an increasing role in day-to-day operations.

American tech giant Amazon and German insurer Allianz are among the firms to have cited AI as a reason for job cuts in recent months.

Meta and Microsoft have meanwhile axed thousands of jobs this year, citing the need to control costs while they ramp up investment in the field.

Earlier this month, AI-powered language translation company DeepL said it would cut about a quarter of its workforce as artificial intelligence had made roles redundant.

However, “AI-related cost savings do not directly translate to stock market gains”, Kathleen Brooks, research director at traders XTB, pointed out Tuesday, adding that “roles that are closer to the front office could also be at risk.”

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Spain will add some 13.3 billion ​euros ($15.5 billion) in funding to its newly ⁠created sovereign ⁠wealth fund to extend the stimulus from ​expiring European ​Union funds, ⁠the government announced on Tuesday.

The injection and activation of the fund, approved by the cabinet at its weekly meeting, involves 10.5 billion euros ⁠in loans ⁠and 2.8 billion euros from non-repayable grants, all coming from Next Generation EU funds.

The government expects the mechanism, called “Spain Grows,” to ⁠mobilize around 120 billion euros in productive investment when ​coupled with private funding.

It will ​prioritize sectors with high ⁠transformative potential ‌for ‌the economy, such ⁠as the construction ‌of affordable rental housing, ​green transition and ⁠technological innovation.

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