EU Unleashes Toughest Sanctions Yet on Russian Oil to Cripple Kremlin’s War Chest

The European Union has approved its 18th and most stringent package of sanctions against Russia, focusing on slashing Moscow’s oil revenues that fund its war in Ukraine.

Key measures include a significant lowering of the price cap on Russian crude, expanded bans on Russian banking transactions, and new restrictions targeting Russia’s shadow fleet and energy sector. The UK has joined the EU in tightening the oil price cap, while India and China are expected to continue importing Russian oil, potentially blunting the sanctions’ impact. The new sanctions have sparked criticism from Russia and concerns from India, whose refiners and exporters face reduced margins and increased reliance on intermediaries.

Despite the sweeping measures, analysts question whether the sanctions will meaningfully disrupt Russian oil flows or its economy, which has shown resilience under previous rounds.