EU Unveils Toughest Sanctions Yet on Russia Over Ukraine Conflict

The European Union has approved its 18th sanction package targeting Russia due to its ongoing war in Ukraine. Among its measures, it reduces the price cap on Russian crude oil and bans transactions related to the Nord Stream pipelines. However, enforcement challenges remain amid ongoing geopolitical tensions.

The European Union confirmed its 18th set of sanctions against Russia, intensifying economic pressure over the ongoing conflict in Ukraine. Key components of this package include a reduction in the price ceiling for Russian crude oil set by the G7, now aiming for a new cap of $47.6 per barrel.

Amid doubts surrounding the efficacy of earlier measures, EU foreign policy chief Kaja Kallas remarked on X about the resolve to elevate Moscow's costs to force a cessation of hostilities. Despite this, the Russian oil trade continues mostly unperturbed, with loopholes in implementation undermining efforts.

This sanctions package prohibits transactions linked to Russia's Nord Stream gas pipelines and targets shipping sectors and Chinese banks aiding sanction evasion. Ukrainian President Volodymyr Zelenskiy praised the decision as vital, whereas analysts highlight the limitations posed by U.S. financial systems' dominance in global oil trades.

(With inputs from agencies.)