The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital oil exports and so-called 'shadow fleet' used to bypass restrictions. Key measures include a lower price cap on Russian crude, bans on transactions with additional Russian banks, and new restrictions on petroleum products refined from Russian oil. While the EU hopes these steps will shrink Russia's war chest for its invasion of Ukraine, analysts and officials note that Russia has adapted to previous sanctions, and major buyers like India and China may continue importing Russian oil. The new sanctions are also expected to disrupt global tanker markets and could impact Indian refiners and European fuel prices. Despite the EU's efforts, questions remain about the effectiveness of these measures in significantly curbing Russia's oil revenues.
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