The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country’s vital energy sector and lowering the price cap on Russian oil exports.
These measures aim to slash Russia’s oil revenues, which fund about 30% of its budget and support its ongoing war in Ukraine. The new sanctions also include bans on transactions with additional Russian banks and restrictions on petroleum products made from Russian crude. While the EU hopes these steps will significantly weaken Russia’s war economy, experts note that countries like India and China may continue importing Russian oil, potentially blunting the sanctions’ impact.
The move comes after weeks of internal EU debate, with Slovakia lifting its veto in exchange for energy guarantees.
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