The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital oil exports and the so-called 'shadow fleet' used to bypass restrictions. Key measures include lowering the price cap on Russian crude, banning transactions with more Russian banks, and restricting imports of petroleum products refined from Russian oil. While the EU and UK hope these steps will strike at the heart of Russia's war financing, analysts and officials note that Russia has adapted to previous sanctions, and major buyers like India and China are expected to continue imports. The new rules are also set to disrupt global tanker markets and could impact Indian refiners and exporters. Despite the EU's efforts, questions remain about the real impact on Russia's economy and the potential for higher global oil prices.
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