The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country's vital oil exports and 'shadow fleet' used to bypass restrictions. Key measures include a significant lowering of the oil price cap, bans on transactions with Russian banks, and new restrictions on petroleum products refined from Russian crude. These sanctions aim to further squeeze Russia's war finances amid its ongoing invasion of Ukraine. The move is expected to disrupt global tanker trades, impact Indian and Chinese oil imports, and potentially raise fuel prices worldwide. Despite these efforts, analysts note that Russia has developed some resilience to sanctions, and the effectiveness of the new measures remains to be seen.
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