The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country’s vital oil revenues in response to the ongoing war in Ukraine.
Key measures include a substantial lowering of the oil price cap, bans on transactions with Russian banks, and new restrictions on Russia’s 'shadow fleet' of tankers used to evade sanctions. The UK has joined the EU in lowering the oil price cap, while India and China are expected to continue importing Russian crude, potentially blunting the sanctions’ impact. The new rules also affect global oil markets, with analysts warning of price hikes and disruptions, especially for countries and companies reliant on Russian oil.
Despite these efforts, Russia claims to have developed resilience to Western sanctions, raising questions about the long-term effectiveness of the measures.
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