EU, UK Impose Strongest Russia Sanctions Yet

The EU and UK have jointly approved their 18th and strongest sanctions package against Russia, introducing a dynamic oil price cap that lowers Russian crude to about $47.60 per barrel—15% below market rates. The package includes expanded banking restrictions, bans on technology exports, sanctions on Russia's shadow fleet, and the first-ever designation of India's Nayara Energy's Vadinar refinery for its role in processing Russian oil. These measures restrict Nayara's ability to export petroleum products to Europe and may affect other dealings with European firms. India has criticized the sanctions as unilateral and reiterated its need to secure affordable energy. The sanctions also target Chinese banks suspected of aiding Russia in evading restrictions. Slovakia lifted its veto after receiving guarantees on Russian gas imports, allowing the EU to proceed with what leaders describe as a significant escalation of pressure on Moscow.