The European Union has approved its 18th and most stringent package of sanctions against Russia, focusing on slashing Moscow’s oil revenues that fund its war in Ukraine. Key measures include a substantial lowering of the price cap on Russian crude, new bans on Russian bank transactions, and targeting Russia’s 'shadow fleet' of tankers used to evade previous restrictions. The UK has joined the EU in lowering the oil price cap, while India and China are expected to continue importing Russian oil, potentially limiting the sanctions’ impact. The new rules are also set to disrupt global oil markets, affecting Indian refiners and raising concerns about ripple effects on fuel prices. Despite these efforts, analysts and the Kremlin note that Russia has adapted to many sanctions, and the effectiveness of the latest measures remains to be seen.
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