EU Unleashes Toughest Sanctions Yet on Russian Oil, Targeting Kremlin’s War Chest

The European Union has approved its 18th and most stringent package of sanctions against Russia, focusing on slashing Moscow’s oil revenues that fund its war in Ukraine. Key measures include a substantial lowering of the oil price cap, bans on Russian bank transactions, and targeting Russia’s 'shadow fleet' of tankers used to evade restrictions. 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 are also set to disrupt global oil markets, affecting Indian refiners and raising concerns about fuel prices. Despite these efforts, analysts and the Kremlin suggest Russia has adapted to sanctions, raising questions about the long-term effectiveness of the measures.