EU Unleashes Toughest Sanctions Yet on Russian Oil and Energy—Will It Hurt Putin’s War Machine?

The European Union has approved its 18th package of sanctions against Russia, targeting the country's vital energy, banking, and military sectors in response to the ongoing war in Ukraine. Central to the new measures is a significant lowering of the price cap on Russian oil exports, aiming to cut Moscow’s revenue streams. The sanctions also include bans on petroleum products made from Russian crude and restrictions on Russian banks, with the UK joining the EU in tightening the oil price cap. While the EU hopes these unprecedented steps will weaken Russia’s war economy, experts note that countries like India and China may continue importing Russian oil, potentially blunting the sanctions’ impact. The move has sparked tensions with India and prompted Russia to retaliate diplomatically, while some EU members, like Slovakia, only agreed after securing exemptions.