The European Union has approved its 18th and most stringent package of sanctions against Russia, focusing heavily on curbing Moscow's oil revenues to weaken its war effort in Ukraine.
Key measures include a substantial lowering of the price cap on Russian crude, bans on transactions with additional Russian banks, and restrictions targeting Russia's 'shadow fleet' of oil tankers. These sanctions are expected to disrupt global oil markets, impacting Indian and Chinese refiners who have relied on discounted Russian crude, and may lead to higher fuel prices worldwide. Despite the EU's efforts, analysts suggest Russia has developed some resilience to sanctions, and the effectiveness of these new measures remains uncertain.
The package also highlights growing divisions within the EU, with Slovakia initially blocking the deal before accepting guarantees to protect its own energy interests.
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