The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country's vital energy and banking sectors in response to the ongoing war in Ukraine.
Central to the new measures is a significant lowering of the price cap on Russian oil exports, aiming to slash Moscow's revenues and disrupt its 'shadow fleet' of oil tankers. The sanctions also extend to Iranian intermediaries and further restrict Russian banks, while the UK has joined the EU in tightening the oil price cap. These moves are expected to impact global oil flows, with India and China unlikely to reduce their imports but Indian refiners facing higher costs and reduced margins.
The sanctions have sparked strong reactions from Russia and affected countries like India, which argue the measures threaten their energy security and economic interests.
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