The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country's vital oil revenue in response to the ongoing war in Ukraine. Key measures include a substantial lowering of the oil price cap, bans on transactions with Russian banks, and restrictions on Russia's 'shadow fleet' of tankers used to circumvent previous sanctions. The UK has joined the EU in lowering the oil price cap, while India and China are expected to continue importing Russian crude, potentially limiting the sanctions' impact. The new rules are also set to disrupt global oil markets, affecting Indian refiners and causing ripple effects in diesel and petroleum product trades. Despite these efforts, analysts and the Kremlin note that Russia has adapted to sanctions, raising questions about the long-term effectiveness of the latest measures.
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