- The UK accuses Russia and Iran of trying to hijack the global economy amid Strait of Hormuz blockage
- UK Foreign Secretary Yvette Cooper links threats from Iran and Russia, citing technology and tactics
- US authorizes temporary oil purchases from Russia only for oil already loaded on vessels at sea
The United Kingdom has accused Russia and Iran of attempting to "hijack the global economy" amid the continuous blockage of the Strait of Hormuz by Iran, the South China Morning Post has reported. Foreign Secretary of the United Kingdom, Yvette Cooper, was speaking to the media during a visit to Saudi Arabia, where she linked the threat from Iran to that from Russia, a known ally of Tehran.
"We have seen these links between Russia and Iran over an extended period of time," she told the media, adding that the links manifest in terms of technology, approach, and tactics. "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 said.
Also Read: US-Iran War New Updates: Iran Allows Some Ships To Pass Through Strait Of Hormuz, Says Report
Cooper said that the UK was clear about the threat from both Russia and Iran to the global economy and "to our well-being". She, however, refrained from criticising the easing of US sanctions on some Russian oil in the face of rising prices, maintaining that it was a "specific targeted issue."
US Treasury Secretary Scott Bessent had announced earlier on Friday that the US was going to provide a temporary "authorisation" for countries to buy oil from Russia, already loaded on vessels at sea.
"This narrowly tailored, short-term measure applies only to oil already in transit," he said in a social media post, adding that this arrangement was not going to provide any significant financial benefit to the Russian government.
Iran closed the Strait of Hormuz soon after the beginning of the war on Feb. 28. Its continuous closure has pushed oil prices to more than $100 per barrel, triggering a global oil crisis.
Trump had on Wednesday told G7 leaders during a call that the Hormuz situation was improving and the commercial situation should resume operations in the area.
However, hours after that, Iran's new supreme leader, Ayatollah Mojtaba Khamenei, issued his first statement to the public, wherein he asserted that the Strait would remain closed in retaliation for the US and Israeli strikes continuing in his country.
The Strait of Hormuz is a maritime chokepoint through which more than one-fifth of the world's crude oil is transported. Its closure has triggered shortages and price spikes in many countries, some of which have now enforced austerity measures to bear the brunt.
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