The European Union has rolled out its most aggressive sanctions yet against Russia, taking direct aim at the country’s oil trade and financial lifelines in a bold effort to choke funding for the ongoing war in Ukraine.
The sanctions include a reduction of the Russian oil price cap to around $47.60 per barrel—roughly 15% below current global market prices—a move expected to hit Moscow’s revenue hard.
As reported by Reuters, the EU also sanctioned 105 additional vessels linked to Russia’s so-called “shadow fleet,” bringing the total to over 400 ships now banned from European waters due to their role in transporting oil illicitly.
In what The Washington Post described as a sweeping escalation, the EU’s 18th sanctions package extends financial restrictions to more Russian banks and includes the Russian Direct Investment Fund among those blacklisted. The bloc also sanctioned foreign entities allegedly assisting Russia in evading previous sanctions, including Chinese financial institutions and Indian oil refineries processing Russian crude.
Despite resistance from Slovakia, which relies heavily on Russian energy, the sanctions package was unanimously adopted after Bratislava secured concessions.
EU foreign policy chief Kaja Kallas, quoted by AP News, described the sanctions as “one of the strongest packages” the bloc has imposed and warned that continued aggression by the Kremlin would invite even tougher penalties.
Russia, however, dismissed the move. According to The Moscow Times, Moscow claimed its economy has developed resilience to external pressure and would “minimise the impact” of the latest measures.
As the conflict drags into its third year, the European Union’s latest action marks a decisive economic strike intended to undercut Russia’s war financing and disrupt the global flow of sanctioned energy.