The European Union has approved its 18th and most sweeping package of sanctions against Russia, focusing on slashing Moscow's oil revenues that fund its war in Ukraine.
Key measures include a lower price cap on Russian crude, bans on transactions with additional Russian banks, and new restrictions on Russia's 'shadow fleet' of oil tankers. The sanctions also impact Indian and global oil markets, as Indian refiners and traders must adapt to the new rules, potentially reducing petroleum exports to Europe. Despite these efforts, analysts note that Russia has developed some resilience to sanctions, and major buyers like China and India may continue importing Russian oil.
The effectiveness of these sanctions in curbing Russia's war effort remains uncertain, but the EU insists this is one of its strongest moves yet.
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