EU Imposes Harshest Sanctions Yet on Russia: Oil Price Cap, SWIFT Bans, Shadow Fleet Targeted

The European Union has rolled out its toughest sanctions package yet against Russia over the war in Ukraine—its 18th since the invasion began. Key measures include a dynamic oil price cap, cutting 20 more Russian banks off SWIFT, and blacklisting Rosneft-linked refineries, including one in India. Over 105 shadow fleet ships are now under sanctions, and new controls are being enforced on Russian petroleum disguised through third countries. With Slovakia dropping its veto, this sweeping package is now on track to be finalized in Brussels. Here’s everything you need to know about the EU’s latest economic strike against the Kremlin.