EU Unleashes Toughest Sanctions Yet on Russian Oil, Targeting Kremlin’s War Chest

The European Union has approved its 18th and most stringent sanctions package against Russia, focusing on slashing Moscow’s oil revenues that fund the war in Ukraine. Key measures include lowering the price cap on Russian crude, banning transactions with additional Russian banks, and targeting Russia’s so-called 'shadow fleet' used to circumvent previous restrictions. The sanctions also impact third-party countries and companies, notably affecting Indian refiner Nayara Energy and scrutinizing oil procurement by major firms like Reliance. Despite these efforts, analysts suggest Russia’s oil exports to China and India may continue, and the Kremlin claims to have adapted to Western sanctions. The new measures are expected to disrupt global tanker trades, raise fuel prices, and complicate energy markets, while the EU and UK aim to strike at the heart of Russia’s war machine.