The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country’s vital oil exports and financial sector in response to the ongoing war in Ukraine.
Key measures include a significant lowering of the price cap on Russian crude, bans on transactions with additional Russian banks, and restrictions on Russia’s so-called 'shadow fleet' of oil tankers. The new sanctions aim to slash Russia’s oil revenue, which funds its military operations, but analysts question their effectiveness as major buyers like India and China may continue imports. The package faced internal EU resistance, notably from Slovakia, but was ultimately passed after guarantees were provided.
While the EU and UK tout these sanctions as a major blow to Russia, Moscow claims to have developed resilience to such measures, and global oil markets are already reacting to the changes.
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