EU and UK Unleash Toughest Sanctions Yet on Russian Oil, Squeezing Kremlin’s War Chest

The European Union and United Kingdom have approved their most stringent sanctions package to date against Russia, targeting its vital energy and banking sectors in response to the ongoing war in Ukraine. Central to the new measures is a significant lowering of the price cap on Russian oil exports, aiming to slash Moscow’s revenue and limit its ability to finance the conflict. The sanctions also include bans on transactions with additional Russian banks and restrictions on the so-called 'shadow fleet' used to circumvent previous sanctions. While the EU touts these steps as unprecedented, analysts note that major buyers like India and China may continue importing Russian crude, potentially blunting the sanctions’ impact. The move has sparked tensions with countries reliant on Russian oil and prompted retaliatory measures from Moscow.