The European Union has approved its 18th and most sweeping package of sanctions against Russia, targeting the country's vital energy, banking, and military sectors in response to the ongoing war in Ukraine. Central to the new measures is a substantial lowering of the price cap on Russian oil exports, aiming to slash Moscow's revenues and limit its ability to finance the war. The sanctions also include bans on petroleum products made from Russian crude and restrictions on Russian banks. However, major importers like India and China are expected to continue buying Russian oil, potentially blunting the impact. The move has sparked tensions with countries like India, which argue the sanctions threaten their energy security, and has forced Indian refiners and companies to adjust operations and payment terms.
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