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đź“° Europe Advances with 18th Sanctions Package Against Russia
🗓️ July 20, 2025
đź“Ť European Union
The European Union has announced its 18th sanctions package targeting Russia, focusing on the energy and financial sectors. Key measures include:
Capping Russian oil prices at $47.60 per barrel
A complete ban on imports of refined petroleum products from Russia
Removing 22 additional Russian banks and financial institutions from the European financial system
The sanctions also extend to certain Chinese banks accused of facilitating Russia’s evasion of previous sanctions, including using alternative payment systems outside SWIFT and cryptocurrency exchanges.
Russia condemned the package as a “deliberate economic war” and announced plans to retaliate with trade countermeasures against participating countries.
This latest sanctions round intensifies the economic pressure on Russia amid the ongoing conflict, while also targeting international networks aiding sanction circumvention.
The tit-for-tat escalation in economic sanctions and countermeasures may deepen global financial instability and complicate diplomatic efforts for conflict resolution.
Reported from Brussels, Belgium – World News Economic Desk
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