The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital energy, banking, and military 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 limit its ability to fund the war. The UK has joined the EU in tightening the oil price cap, while the sanctions also target Russia's so-called 'shadow fleet' used to circumvent previous restrictions. However, analysts and industry insiders suggest that the impact may be limited, as major buyers like India and China are unlikely to reduce their imports, and Russia has adapted to previous sanctions.
The new sanctions have also sparked tensions with countries like India and Slovakia, who argue the measures could harm their own energy security and economic interests.
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