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 oil, a ban on transactions with additional Russian banks, and new restrictions on Russia’s so-called 'shadow fleet' of tankers used to evade sanctions. The UK has joined the EU in tightening the oil price cap, aiming to further squeeze Moscow’s ability to fund its military operations. While the EU hopes these moves will significantly impact Russia’s economy, analysts note that Russia has developed some resilience to sanctions, and major buyers like China and India may continue importing Russian oil.
The new sanctions are also expected to disrupt global oil markets, affecting tanker trades and potentially raising fuel prices.
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