EU Unleashes Toughest Sanctions Yet on Russian Oil, Targeting Kremlin’s War Chest

The European Union has approved its 18th and most stringent package of sanctions against Russia, focusing on slashing Moscow’s oil revenues that fund its war in Ukraine.

Key measures include lowering the price cap on Russian crude, banning transactions with additional Russian banks, and targeting Russia’s 'shadow fleet' of tankers used to evade restrictions. The sanctions also impact third-party countries and companies, notably affecting Indian refiner Nayara Energy and prompting shifts in global oil trading patterns. Despite these efforts, analysts and officials note that Russia has developed some resilience to sanctions, and major buyers like China and India may continue imports.

The EU hopes these unprecedented steps will further squeeze Russia’s economy and limit its ability to sustain the war.