The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country's vital oil revenues in response to the ongoing war in Ukraine.
Key measures include a significantly lower price cap on Russian crude, bans on transactions with additional Russian banks, and restrictions on Russia's so-called 'shadow fleet' of oil tankers. These sanctions are designed to further squeeze Russia's economy and limit its ability to finance the war, but analysts suggest the impact may be blunted as major buyers like India and China continue imports. The new rules are also expected to disrupt global oil markets, affecting Indian refiners and potentially leading to higher fuel prices.
Despite these efforts, Russia claims to have developed resilience to Western sanctions, while the EU signals its determination to strike at the heart of Russia's war machine.
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