Unpacking the EU’s Latest Round of Sanctions Targeting Russia: The 18th Package Explained
The European Union has introduced its 18th package of sanctions against Russia in response to its ongoing conflict with Ukraine. This initiative is primarily focused on further diminishing Russia's oil and energy sector.
Here’s a summary of the key components included in this latest sanctions package.
Oil Price Cap
The EU will implement a dynamic price cap on Russian crude, set at 15% below its average market price, as announced by EU diplomats. Currently, this translates to a cap of approximately $47.60 per barrel,…