EU Unleashes Toughest Sanctions Yet on Russian Oil to Cripple Kremlin’s War Chest

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 significant lowering of the price cap on Russian crude oil, expanded bans on Russian banking transactions, and new restrictions on Russia’s so-called 'shadow fleet' used to circumvent 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. However, analysts note that Russia has developed some resilience to sanctions, and major buyers like China and India may continue importing Russian oil, potentially blunting the impact.

The new sanctions have also sparked tensions with countries like India, whose refiners and energy exports are affected, and required last-minute negotiations with Slovakia to secure EU-wide approval.