The European Union and United Kingdom have agreed on an 18th, 'unprecedented' package of sanctions targeting Russia's energy and banking sectors, with a particular focus on lowering the price cap for Russian oil exports. These measures aim to further restrict Moscow's revenue streams used to fund its war in Ukraine, including a new price cap set significantly below market rates and expanded bans on Russian petroleum products. The sanctions also target entities and individuals involved in circumventing previous restrictions, including Iranian oil traders aiding Russian trade. While the EU hopes these steps will tighten the economic noose around Russia, critics note that delays in implementation and continued imports by countries like India and China may blunt their impact. The new sanctions have prompted strong reactions from Russia and affected global oil markets, with ripple effects expected for international energy trade and refining margins.
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