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 cut off revenue fueling Russia's war in Ukraine, with the UK joining in by lowering its own oil price cap. However, analysts and industry insiders question the effectiveness of these sanctions, as Russia has adapted to previous rounds and continues to find buyers in countries like India and China. The new rules are also expected to disrupt global oil markets, impacting Indian refiners and potentially raising diesel prices in Europe.
Despite the EU's efforts, Russia's economy shows resilience, and the true impact of these sanctions remains uncertain.
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