Europe Cracks Down on Russia With Fresh Sanctions and Oil Squeeze
The EU has unveiled its 18th sanctions package against Russia, introducing a floating oil price cap designed to trail global prices by $15.
This shift replaces the static $60 limit and aims to shrink Russia’s profit margins while adjusting with market fluctuations.
Alongside this, Brussels sanctioned a Rosneft-linked refinery in India — marking its first extraterritorial move — and blacklisted more ships from Russia’s shadow tanker fleet.
The EU is also expanding export bans and eyeing the removal of over 20 Russian banks from the SWIFT system.
New trade restrictions worth $2.8 billion are under discussion, targeting tech and components used in weapons manufacturing. After weeks of delay due to Slovakia’s objections, the package was approved with energy concessions.
The G7 may follow suit, further closing loopholes Russia has used to bypass sanctions.
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