The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country’s vital energy sector and lowering the price cap on Russian oil exports.
These measures aim to slash Russia’s oil revenues, which fund about 30% of its budget and support its ongoing war in Ukraine. The new sanctions also target Russia’s 'shadow fleet' of oil tankers and expand restrictions on banking and military sectors. Despite the EU’s efforts, experts note that Russia has adapted to previous sanctions, and major buyers like India and China are unlikely to significantly reduce imports.
The sanctions have sparked diplomatic tensions, with Russia vowing to defend its interests and India criticizing the measures as harmful to its energy security.
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