EU Unleashes Toughest Sanctions Yet on Russian Oil, Targeting Shadow Fleet and Global Trade

The European Union has approved its 18th and most stringent package of sanctions against Russia, focusing on slashing Moscow's oil revenues that fund its war in Ukraine.

Key measures include lowering the price cap on Russian crude, banning transactions with additional Russian banks, and targeting Russia's 'shadow fleet' of tankers used to circumvent previous restrictions. The sanctions also impact third-party countries and companies, notably affecting Indian refiner Nayara Energy and complicating global oil trade routes. Despite these efforts, analysts suggest Russia's oil exports may continue flowing to major buyers like China and India, though at reduced profits.

The move signals the EU's determination to tighten economic pressure on Russia, even as Moscow claims to have adapted to Western sanctions.