The European Union has approved its 18th and most sweeping 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 limit its ability to fund the war. The sanctions also include bans on transactions with additional Russian banks and restrictions on petroleum products made from Russian crude, with some measures delayed until January. Despite these efforts, analysts note that Russia continues to find ways to circumvent sanctions, often with the help of countries like China and India, and that the impact on global oil flows may be limited. The move has sparked tensions with countries reliant on Russian oil, such as India, and has forced EU member states to negotiate exemptions and guarantees to secure consensus.
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