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.
Key measures include a substantial lowering of the price cap on Russian oil exports, new restrictions on Russian banks, and a crackdown on Russia's so-called 'shadow fleet' used to circumvent previous sanctions. The UK has joined the EU in tightening the oil price cap, aiming to further squeeze the Kremlin's war revenues. However, the effectiveness of these sanctions is debated, as major buyers like India and China are expected to continue importing Russian crude, and loopholes remain in enforcement.
The new sanctions have also sparked tensions with countries like India and Slovakia, and prompted retaliatory measures from Russia.
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