The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country’s vital oil exports and financial sector 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 sanctions aim to slash Russia’s energy revenues, but analysts note that major buyers like India and China may continue importing Russian oil, potentially blunting the impact. The new rules are also expected to disrupt global oil markets, affecting refiners and traders, especially in India, and could lead to higher fuel prices.
Despite these efforts, Russia claims to have developed resilience to Western sanctions, while the EU and UK stress that these measures strike at the heart of Russia’s war machine.
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