The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital oil revenues and so-called 'shadow fleet' used to bypass restrictions. Key measures include lowering the price cap on Russian crude, banning transactions with more Russian banks, and restricting imports of petroleum products refined from Russian oil. The sanctions aim to squeeze Russia's economy and limit its ability to fund the war in Ukraine, but experts and market reactions suggest the impact may be limited as major buyers like India and China continue imports. The new rules are also expected to disrupt global tanker trades and could affect Indian refiners and exporters, who have relied on discounted Russian crude. Despite these efforts, Russia claims to have adapted to Western sanctions, raising questions about the long-term effectiveness of the EU's latest moves.
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