The European Union has approved its 18th and most stringent package of sanctions against Russia, focusing on slashing Moscow’s oil revenues that fund its war in Ukraine.
Key measures include a lower price cap on Russian crude, bans on transactions with additional Russian banks, and new restrictions on Russia’s 'shadow fleet' of oil tankers. The sanctions also impact Indian and global oil markets, as Indian refiners and traders must adapt to tighter rules, and European imports of petroleum products made from Russian crude will be banned. Despite these efforts, analysts suggest Russia’s economy has shown resilience, and major buyers like China and India may continue imports.
The EU’s move signals a more independent stance from the G7 and aims to strike at the financial core of Russia’s war machine.
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