The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital oil exports with a lower price cap and new restrictions on its 'shadow fleet' of tankers.
The measures aim to shrink Russia's war chest for its ongoing invasion of Ukraine by slashing oil revenues and further isolating its financial sector. However, analysts and industry insiders doubt the sanctions will significantly disrupt Russian crude flows, as major buyers like India and China are expected to continue imports, often through intermediaries. The new rules also threaten to impact Indian refiners and global fuel markets, with ripple effects potentially raising prices for consumers.
Despite the EU's efforts, Russia claims to have developed resilience to Western sanctions, raising questions about the long-term effectiveness of these measures.
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