The European Union has approved its 18th and most stringent package of sanctions 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 'shadow fleet' of tankers used to circumvent previous restrictions. The sanctions also impact third-party countries and companies, notably affecting Indian refiner Nayara Energy and prompting shifts in global oil trading patterns. Despite these efforts, analysts suggest the sanctions may not drastically reduce Russian oil exports, as major buyers like China and India continue their purchases. The EU's move signals a more independent stance from the G7 and aims to further squeeze Russia's economy, though Moscow claims to have adapted to such measures.
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