The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital oil exports with a significantly lower price cap and new restrictions on banking and energy sectors.
The measures aim to shrink Russia's war chest for its ongoing invasion of Ukraine, but analysts and officials note that the impact may be limited as major buyers like China and India continue to import Russian crude. The new sanctions also include bans on transactions with additional Russian banks and efforts to disrupt Russia's 'shadow fleet' of oil tankers. However, Russia claims to have developed resilience to Western sanctions, and some EU member states, like Slovakia, only agreed to the package after securing exemptions.
The effectiveness of these sanctions remains uncertain, with many observers suggesting that further action from the US and other allies could be necessary to truly undermine Russia's oil revenues.
.Here are the top political news stories for today.
Be the first to reply to this general discussion.
Join in on more popular conversations.
