The European Union has approved its 18th and most stringent package of sanctions against Russia, focusing on slashing Moscow's oil revenues to weaken its ability to finance the war in Ukraine.
Key measures include a significant lowering of the oil price cap, bans on transactions with additional Russian banks, and restrictions targeting Russia's 'shadow fleet' of oil tankers. The new sanctions are designed to close loopholes and further isolate Russia's energy sector, but analysts question their effectiveness as major buyers like India and China may continue imports. The sanctions have also sparked tensions with countries like India, whose refiners rely on Russian crude, and required last-minute negotiations with Slovakia to secure EU unity.
Despite these efforts, Russia claims to have developed resilience to Western sanctions, while the EU and UK insist these measures strike at the heart of Putin's war machine.
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