EU Targets Russian Oil Revenues With New Sanctions Package
The European Union has unveiled a new package of sanctions aimed at reducing Russia’s energy revenues, which Brussels says help finance Moscow’s war in Ukraine
The European Union has unveiled a new package of sanctions aimed at reducing Russia’s energy revenues, which Brussels says help finance Moscow’s war in Ukraine. The measures target Russia’s oil industry and its so-called “shadow fleet” of vessels used to bypass previous restrictions.
The EU has also proposed delaying changes to its oil price cap mechanism as global energy markets remain volatile. Russian officials insist the sanctions will not undermine the country’s energy sector, arguing that Moscow remains a reliable supplier to international markets.
The move comes as rising global oil prices, partly driven by instability in the Middle East, boost Russian export revenues despite Western restrictions. At the same time, Ukrainian drone attacks on Russian energy infrastructure have disrupted refining operations and increased pressure on parts of the domestic fuel market.
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