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. Central to the new measures is a substantial lowering of the price cap on Russian oil exports, aiming to slash Moscow’s revenues and limit its ability to finance the war. The sanctions also include bans on transactions with additional Russian banks and restrictions on petroleum products made from Russian crude. While the EU and UK hope these steps will deal a significant blow to Russia’s economy, experts note that countries like India and China are likely to continue importing Russian oil, potentially blunting the impact. The new sanctions have also sparked tensions with India and internal EU debates, as some member states, like Slovakia, initially resisted the measures due to concerns over energy security.
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