The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country's vital energy and banking sectors in response to the ongoing war in Ukraine. Key measures include a significant lowering of the price cap on Russian oil exports and expanded restrictions on Russian banks and shipping, aiming to cut off revenue fueling Russia’s war effort. The UK has joined the EU in tightening the oil price cap, while the EU also sanctioned Iranian entities involved in facilitating Russian oil trade. Despite these moves, analysts and affected countries like India suggest the sanctions may have limited impact, as Russia adapts and alternative buyers such as China and India continue imports. The new sanctions have sparked political tensions within the EU, with Slovakia initially blocking the package before accepting guarantees to protect its own energy interests.
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