The European Union has approved its 18th and most sweeping package of sanctions against Russia, focusing on slashing Moscow's oil revenues that fund the war in Ukraine. Key measures include lowering the price cap on Russian crude, banning transactions with more Russian banks, and targeting Russia's 'shadow fleet' of tankers used to circumvent previous restrictions. These sanctions are expected to disrupt global oil markets, impacting major importers like India and China, and could reshape tanker trades worldwide. Despite the new measures, analysts question their effectiveness, as Russia has adapted to earlier sanctions and continues to find buyers for its oil. The EU's move signals a more independent stance from the G7 and aims to strike at the heart of Russia's war machine, but the long-term impact remains uncertain.
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