The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country’s vital oil exports and financial sector in response to the ongoing war in Ukraine.
Key measures include a significant lowering of the price cap on Russian crude, bans on transactions with additional Russian banks, and restrictions on Russia’s so-called 'shadow fleet' of oil tankers. The sanctions aim to slash Russia’s oil revenue, but analysts suggest that Moscow may still find buyers in countries like India and China, potentially blunting the impact. The new rules also threaten to disrupt global oil markets, with ripple effects expected for refiners and consumers worldwide.
Despite these efforts, Russia claims to have developed resilience against Western sanctions, while the EU and UK insist the measures strike at the heart of Putin’s war machine.
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