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 lower price cap on Russian crude, bans on transactions with additional Russian banks, and restrictions on Russia's 'shadow fleet' of oil tankers. The UK has joined the EU in lowering the oil price cap, while India and China are expected to continue importing Russian oil, potentially blunting the sanctions' impact. The new rules are also set to disrupt global oil markets, affecting Indian refiners and causing ripple effects in fuel prices. Despite these efforts, Russia claims to have adapted to Western sanctions, raising questions about the long-term effectiveness of the measures.
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