The European Union has approved its 18th and most sweeping sanctions package against Russia, targeting the country's vital energy, banking, and shipping sectors in response to the ongoing war in Ukraine.
Key measures include lowering the price cap on Russian crude oil, banning imports of fuels refined from Russian oil, and blacklisting entities involved in Russia's 'shadow fleet' used to circumvent previous sanctions. The new rules also complicate business for international refiners and traders, notably impacting India's Nayara Energy and prompting scrutiny of major players like Reliance Industries. While the EU hopes these steps will strike at the heart of Russia's war economy, analysts and Russian officials suggest Moscow has adapted to sanctions and may continue to find ways to export oil.
The package was only passed after Slovakia dropped its veto in exchange for energy guarantees, highlighting the complex political negotiations behind the measures.
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