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 substantial lowering of the price cap on Russian crude, bans on transactions with additional Russian banks, and restrictions on petroleum products made from Russian oil. These sanctions are designed to shrink Russia's war chest, but analysts suggest their effectiveness may be limited as major buyers like China and India continue imports. The new rules are also expected to disrupt global tanker trades and impact Indian refiners, while causing ripple effects in diesel and gasoline markets.
Despite the EU's efforts, Russia claims to have developed resilience to such measures, and the true impact on its economy remains uncertain.
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