The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital energy, banking, and military sectors in response to the ongoing war in Ukraine.
Central to the new measures is a significant lowering of the price cap on Russian oil exports, aiming to slash the Kremlin’s revenues and limit its ability to fund the war. The sanctions also include bans on petroleum products made from Russian crude and restrictions on Russian banks, with the UK joining in by lowering its own oil price cap. However, analysts and industry insiders suggest that the impact may be limited, as major buyers like India and China are unlikely to reduce imports, and Russian oil continues to find its way to global markets through alternative channels.
The move has sparked criticism from Russia and concerns from countries like India, which argue that the sanctions could harm their own energy security and economic interests.
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