The European Union and the UK have agreed on an 18th, 'unprecedented' package of sanctions targeting Russia’s energy and banking sectors, with a particular focus on lowering the price cap for Russian oil exports. These measures aim to slash Moscow’s oil revenues, which fund about 30% of Russia’s budget and its ongoing war in Ukraine. The new sanctions also target Russia’s so-called 'shadow fleet' and ban transactions with additional Russian banks. While the EU hopes to tighten the economic squeeze on Russia, critics note that delays in implementing sanctions have allowed Moscow to adapt and reroute trade, with India and China continuing to import Russian crude. The move has sparked pushback from India and some EU members, but leaders insist the measures are vital to undermining Russia’s war effort.
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