The European Union has approved its 18th and most stringent package of sanctions against Russia, focusing heavily on curbing Moscow’s oil revenues that fund its war in Ukraine.
Key measures include a significant lowering of the oil price cap, bans on transactions with additional Russian banks, and restrictions on Russia’s so-called 'shadow fleet' of tankers. The new sanctions are designed to hit Russia’s energy sector hard, but analysts note that countries like India and China may continue importing Russian crude, potentially blunting the impact. The package also affects global oil markets, with ripple effects expected for refiners and traders, especially in India.
Despite these efforts, Russia claims to have built resilience against Western sanctions, while the EU and UK stress that these moves strike at the heart of Russia’s war machine.
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