EU Approves New Russia Sanctions

The European Union on Friday approved its 18th package of sanctions against Russia, intensifying pressure over its war in Ukraine. The new measures target Russia’s energy and banking sectors, including a clampdown on the country’s "shadow fleet" of tankers evading sanctions on oil exports, CE Report quotes PAP

A key component is a new price cap on Russian oil imports—set 15% below the average market price over the past three months.

Polish official Adam Szlapka welcomed the sanctions, calling them a “major blow” to Russia’s economy, which he described as overly reliant on fossil fuel exports. He also voiced confidence in the effectiveness of the new price cap, regardless of whether the U.S. aligns with it.

While the previous U.S. administration under Joe Biden introduced a cap, President Donald Trump has so far resisted EU and UK calls to lower it further.