The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital oil, banking, and energy sectors in response to the ongoing war in Ukraine.
The new measures include a substantial lowering of the price cap on Russian oil exports, a ban on transactions with additional Russian banks, and restrictions on petroleum products refined from Russian crude. These sanctions aim to further choke off Russia's revenue streams used to fund its war effort, though experts note that countries like India and China may continue importing Russian oil. The sanctions have also impacted Indian refiners linked to Russian oil, forcing changes in payment terms and threatening business interests.
Despite the EU's efforts, there is skepticism about the overall effectiveness of the measures, as Russia's economy continues to show resilience and workarounds persist.
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