The European Union, joined by the UK, has approved its 18th and most stringent package of sanctions against Russia, targeting the country’s vital energy and banking sectors in response to the ongoing war in Ukraine. Central to the new measures is a significant lowering of the price cap on Russian oil exports, aiming to slash Moscow’s revenues and limit its ability to finance the conflict. The sanctions also include bans on transactions with additional Russian banks and restrictions on the so-called 'shadow fleet' used to circumvent previous sanctions. While the EU hopes these steps will deliver a major blow to Russia’s economy, analysts note that countries like India and China may continue importing Russian crude, potentially blunting the impact. The move has sparked tensions with countries reliant on Russian energy and drawn criticism from Russia, which claims to have adapted to Western sanctions.
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