The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country’s vital oil revenues in response to its ongoing war in Ukraine. Key measures include a substantial lowering of the price cap on Russian crude, new bans on transactions with Russian banks, and restrictions on Russia’s so-called 'shadow fleet' of tankers used to evade sanctions. The UK has joined the EU in lowering the oil price cap, aiming to further squeeze Moscow’s finances. While the EU hopes these steps will significantly impact Russia’s ability to fund its war, analysts note that major buyers like India and China may continue importing Russian oil, potentially blunting the sanctions’ effectiveness. The new measures are expected to disrupt global oil markets, affect Indian refiners, and could lead to higher fuel prices worldwide.
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