The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital energy, banking, and military sectors in response to the ongoing war in Ukraine. Key measures include a substantial lowering of the price cap on Russian oil exports and new restrictions on Russian banks, aiming to cut off revenue streams fueling Russia’s war effort. The sanctions also target Iran-linked oil traders supporting Russian trade and attempt to clamp down on Russia’s so-called 'shadow fleet' of tankers. While the EU and UK hope these moves will shrink Russia’s economy, experts note that Russia has adapted to previous sanctions, and major buyers like India and China are unlikely to reduce imports. The new measures have sparked concerns in India and among European energy firms about supply disruptions and economic fallout, while Russia claims it has built 'immunity' to Western sanctions.
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