The European Union has approved its 18th and most stringent package of sanctions against Russia, targeting the country’s vital oil revenues and its so-called 'shadow fleet' used to bypass previous restrictions. Key measures include a lower price cap on Russian crude, bans on transactions with additional Russian banks, and new restrictions on petroleum products made from Russian oil. The sanctions aim to further squeeze Russia’s ability to finance its war in Ukraine, but analysts note that Russia has developed workarounds and continues to export oil to countries like India and China. The new rules are expected to disrupt global tanker markets and impact Indian refiners, while also potentially raising fuel prices in Europe. Despite these efforts, questions remain about the overall effectiveness of the sanctions, as Russia’s economy has shown resilience and adaptability.
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