EU Imposes New Raft of Sanctions on Russia and Its Oil Trade

European Union states have approved a fresh sanctions package on Russia over its war against Ukraine including a revised oil price cap, new banking restrictions, and curbs on fuels made from Russian petroleum.

The package, the bloc’s 18th since Moscow’s full scale invasion, will see about 20 more Russian banks cut off the international payments system SWIFT and face a full transaction ban, as well as restrictions imposed on Russian petroleum refined in third countries. A large oil refinery in India, part-owned by Russia’s state-run oil company, Rosneft PJSC, was also blacklisted.