EU Unleashes Toughest Sanctions Yet on Russian Oil and Energy—Will It Hit Putin’s War Machine?

The European Union has approved its 18th package of sanctions against Russia, targeting the country's vital energy, banking, and military 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 war. The sanctions also include bans on petroleum products made from Russian crude and restrictions on Russian banks, with the UK joining in by lowering its own oil price cap. However, the effectiveness of these sanctions is debated, as major buyers like India and China are expected to continue importing Russian oil, and delays in implementation have allowed Russia to adapt.

The new sanctions have also sparked tensions with countries like India, whose refiners and energy companies face reduced margins and increased operational challenges.