EU Unleashes Toughest Sanctions Yet on Russian Oil to Cripple Kremlin’s War Chest

The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country’s vital oil revenues in response to the ongoing war in Ukraine.

Key measures include a substantial lowering of the price cap on Russian crude, new bans on petroleum products, and restrictions on Russia’s so-called 'shadow fleet' of tankers used to evade sanctions. The UK has joined the EU in tightening the oil price cap, while the EU has also sanctioned entities and individuals aiding Russia’s energy trade. Despite these efforts, analysts suggest that Russia’s oil exports to countries like China and India may continue, and the effectiveness of the new measures remains uncertain.

The sanctions are expected to disrupt global oil markets, impact Indian refiners, and further strain Russia’s economy, though Moscow claims to have developed resilience to Western restrictions.