The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country's 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 revenues and further isolate its economy. The sanctions also extend to Iran-linked oil traders and restrict Russian banks' access to European funding. These moves have sparked strong reactions from Russia and impacted global oil trade, with India and China expected to continue importing Russian crude despite the new caps. The sanctions are already affecting Indian refiners and could lead to higher costs and shifting trade patterns worldwide.
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