The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital oil exports and its so-called 'shadow fleet' used to bypass previous 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 UK has joined the EU in tightening the oil price cap, aiming to further squeeze Russia's war finances. However, analysts and officials note that Russia has adapted to earlier sanctions, with major buyers like India and China continuing to import Russian oil, often through intermediaries. The effectiveness of these new sanctions remains uncertain, as global oil markets adjust and Russia seeks new ways to maintain its revenue.
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