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 substantial lowering of the price cap on Russian crude, a ban on transactions with additional Russian banks, and restrictions on Russia’s so-called 'shadow fleet' of oil tankers. The new sanctions aim to further isolate Russia financially and disrupt its ability to fund the war, though analysts note that Russia has adapted to previous sanctions and continues to find buyers in countries like India and China. The package faced internal EU resistance, notably from Slovakia, but was ultimately passed after guarantees were provided.

While the EU hopes these measures will significantly impact Russia’s economy, some experts remain skeptical about their effectiveness given ongoing loopholes and global oil market dynamics.