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 and financial sector in response to the ongoing war in Ukraine.

Key measures include a substantial lowering of the price cap on Russian crude oil, new bans on transactions with Russian banks, and 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. While the EU hopes these unprecedented steps will significantly impact Russia’s economy, analysts note that major buyers like China and India may continue importing Russian oil, potentially blunting the sanctions’ effectiveness.

The new measures have also sparked tensions with countries like India, whose refiners and exporters are affected, and required delicate negotiations within the EU to overcome vetoes from member states such as Slovakia.