The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country’s vital oil revenues in response to the ongoing war in Ukraine.
Key measures include a substantial lowering of the price cap on Russian crude, new bans on transactions with Russian banks, and restrictions on Russia’s 'shadow fleet' of oil tankers. The UK has joined the EU in lowering the oil price cap, aiming to further squeeze Moscow’s ability to fund its military campaign. While the sanctions are designed to hit Russia’s economy hard, analysts note that countries like India and China may continue importing Russian oil, potentially blunting the impact.
The new sanctions also have ripple effects on global oil markets, with potential consequences for fuel prices and international energy trade.
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