The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital oil, banking, and energy sectors in response to the ongoing war in Ukraine.
Key measures include a substantial lowering of the price cap on Russian oil exports, new restrictions on Russian banks, and a ban on petroleum products refined from Russian crude. The sanctions aim to cut off critical revenue streams for Moscow, but their effectiveness is debated as major buyers like India and China may continue imports. The new rules have already forced changes in payment practices for Indian refiners linked to Russian oil, and could disrupt global oil markets.
Despite these efforts, Russia's economy remains resilient, and some EU member states, like Slovakia, initially resisted the measures before accepting guarantees to limit domestic fallout.
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