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. Key measures include a significant lowering of the price cap on Russian oil exports and expanded restrictions on Russian banks and shipping entities, aiming to slash Moscow’s revenue streams. The UK has joined the EU in tightening the oil price cap, while the EU also sanctioned Iranian entities involved in facilitating Russian oil trade. Despite these moves, analysts note that Russia has developed workarounds and immunity to some sanctions, and major buyers like India and China are unlikely to reduce imports. The new sanctions are expected to disrupt global oil markets, impact Indian refiners, and further fragment the international approach to Russian energy exports.
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