The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country’s vital oil revenues and its so-called 'shadow fleet' used to bypass previous restrictions. Key measures include a substantial lowering of the oil price cap, new bans on Russian bank transactions, and expanded restrictions on energy and defense sectors. The UK has joined the EU in lowering the oil price cap, aiming to further squeeze Moscow’s ability to fund its war in Ukraine. While the sanctions are designed to hit Russia’s economy hard, analysts note that countries like India and China may continue importing Russian oil, potentially blunting the impact. The new sanctions are expected to disrupt global oil markets, affect tanker trades, and put pressure on countries and companies still dealing with Russian crude.
Be the first to reply to this general discussion.
Join in on more popular conversations.
