EU Imposes Sweeping Sanctions on Russia, Freezes Oil Price Cap
The European Union has implemented its most comprehensive sanctions package against Russia in four years. The move targets over 100 Russian banks and cryptocurrency operators, freezing the oil price cap at $44.10 per barrel.
The EU's foreign policy chief Kaja Kallas stated that the measures aim to sever alternative payment channels used by Moscow to keep its war economy running. This package combines asset freezes, travel bans, and transaction restrictions across financial services, energy, shipping, and military supply chains.
The sanctions list now includes over 40 shadow fleet vessels, several oil refineries in Russia and Belarus, and a Moscow Exchange listing. The EU has also blacklisted 94 financial institutions, mostly banks, which is more than half of Russia's internationally connected lenders.