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 significant lowering of the price cap on Russian crude, bans 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 also threaten to disrupt global oil markets and complicate trade for Indian refiners and Western energy firms.
Despite these efforts, Russia claims to have developed resilience to sanctions, while the EU and UK insist the measures strike at the heart of Putin’s war machine.
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