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 the 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 oil tankers. The sanctions are designed to shrink Moscow’s ability to finance its military operations, but analysts note that Russia has developed some resilience to such measures, and major buyers like India and China may continue imports. The new rules are also expected to disrupt global oil markets, impacting Indian refiners and potentially driving up diesel prices. Despite these efforts, questions remain about the overall effectiveness of the sanctions, as Russia’s economy continues to adapt and find alternative routes for its energy exports.
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