The European Union has approved its 18th and most sweeping sanctions package against Russia, targeting the country’s vital energy sector and financial system in response to the ongoing war in Ukraine. Key measures include lowering the price cap on Russian crude oil, banning imports of fuels refined from Russian oil, and blacklisting entities involved in Russia’s so-called 'shadow fleet' used to evade sanctions. The new restrictions also extend to Russian-linked refineries abroad, notably impacting India’s Nayara Energy, and ban transactions with additional Russian banks. While the EU hopes these steps will significantly reduce Russia’s oil revenues and hamper its war effort, analysts note that Moscow has adapted to previous sanctions and continues to find ways to export oil. The package was only passed after Slovakia dropped its veto in exchange for energy guarantees, highlighting ongoing divisions within the bloc.
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