The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital oil revenues and so-called 'shadow fleet' used to bypass restrictions.
Key measures include a lower price cap on Russian crude, bans on transactions with additional Russian banks, and new restrictions on petroleum products made from Russian oil. While the EU hopes these steps will squeeze Russia's war finances, analysts and officials note that Russia has adapted to previous sanctions, and major buyers like India and China are expected to keep importing Russian oil. The sanctions are also causing ripple effects in global energy markets, impacting Indian refiners and potentially leading to higher fuel prices.
Despite the EU's efforts, questions remain about the overall effectiveness of these measures in curbing Russia's ability to fund its war in Ukraine.
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