The European Union has approved its 18th and most stringent sanctions package against Russia, focusing on slashing Moscow's oil revenues to weaken its war effort in Ukraine.
Key measures include a lower price cap on Russian crude, bans on transactions with additional Russian banks, and targeting Russia's 'shadow fleet' of tankers used to circumvent previous restrictions. The sanctions are already disrupting global oil markets, affecting Indian refiners like Nayara Energy and prompting shipowners and traders to avoid sanctioned entities. Despite these efforts, Russia continues to find buyers in China and India, and the Kremlin claims to have developed resilience against Western sanctions.
The new measures are expected to reshape global tanker trades and could lead to higher fuel prices and supply chain shifts worldwide.
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