The EU implemented a new sanctions package against Russia, including a dynamic price cap on Russian oil ($60-$47.6), a ban on Nord Stream pipeline transactions, and restrictions on Russian banks and shipping. These measures aim to cripple Russia's war machine and pressure it towards a ceasefire in Ukraine. While hailed as unprecedented, concerns remain about enforcement, particularly regarding Russia's shadow fleet and the difficulty in tracing refined petroleum products from Russia via third countries like India. The EU hopes the US will follow suit with further sanctions.

Prepared by Rachel Morgan and reviewed by editorial team.