EU Unleashes Toughest Sanctions Yet on Russian Oil and Energy—Will It Hit Putin’s War Machine?

The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital energy and banking sectors in response to the ongoing war in Ukraine.

Key measures include a substantial lowering of the price cap on Russian oil exports and expanded restrictions on Russian banks and shipping. The EU also sanctioned Iranian oil traders involved in facilitating Russian trade, and the UK joined in by lowering its own oil price cap. While the EU hopes these steps will shrink Russia’s war chest, experts note that countries like India and China are likely to continue importing Russian crude, potentially blunting the sanctions' impact.

The new sanctions have also sparked tensions with India and forced Indian refiners to adjust their operations, highlighting the global ripple effects of the EU’s actions.