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 slash Russia's oil revenue, which funds its war in Ukraine, by making it harder for Moscow to sell crude above the new cap and by banning transactions with more Russian banks. However, analysts and officials note that Russia has adapted to previous sanctions, and major buyers like India and China are expected to keep importing Russian oil, potentially blunting the impact. The sanctions also have ripple effects on global oil markets, with Indian refiners and international traders seeking workarounds, and concerns about higher diesel prices in Europe.
Despite the EU's efforts, questions remain about the effectiveness of these measures in significantly weakening Russia's war machine.
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