The European Union’s latest sanctions package targeting Russia’s energy and financial sectors officially came into force on July 20, marking the bloc’s 18th set of punitive measures since the outbreak of the Ukraine conflict. The move reflects the EU’s ongoing strategy to pressure Moscow over its military aggression in Ukraine. However, Russian officials have downplayed the impact of these sanctions, framing them as largely ineffective against the resilience of the country’s financial system.

The new sanctions were formally enacted following the publication of the relevant regulations in the EU’s Official Journal. They represent a coordinated effort by the 27-member bloc to deepen restrictions on Russia’s economy, especially focusing on the financial sector and energy exports, which have been major sources of revenue for Moscow.

Among the key measures are bans on transactions with 22 additional Russian banks and the Russian Direct Investment Fund (RDIF). These actions extend the EU’s financial chokehold, aiming to further isolate Russia from Western capital markets and banking networks.

Another notable component of the sanctions is the prohibition on the use of the Nord Stream gas pipelines. These pipelines, which have historically played a critical role in supplying Russian gas to Europe, were rendered inoperable following a series of mysterious underwater explosions in 2022. The EU’s ban underscores the bloc’s determination to sever energy ties with Russia and accelerate Europe’s transition away from Russian fossil fuels.

The package also revises the EU’s oil price cap on Russian crude. The original fixed cap of $60 per barrel has been replaced by a dynamic mechanism pegged at 15% below the average global market price, with the new floor set at $47.60 per barrel. This adjustment aims to tighten the squeeze on Russia’s oil revenues while mitigating the risk of market volatility.

In addition, the EU expanded its blacklist of ships-dubbed........

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