The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital oil exports with a lower price cap and new restrictions on its 'shadow fleet' of tankers.
The measures aim to further squeeze Russia's energy revenues, which fund its war in Ukraine, and include bans on transactions with additional Russian banks and entities. Despite these efforts, analysts and officials note that Russia has adapted to previous sanctions, and major buyers like India and China are expected to continue importing Russian crude. The new sanctions are also set to disrupt global oil markets, impacting Indian refiners and potentially raising fuel prices.
While the EU touts these sanctions as unprecedented, questions remain about their effectiveness in significantly curbing Russia's war effort.
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