Overview

• The EU lowered its cap on Russian crude from $60 to $45 per barrel to further undercut Moscow’s main revenue source.
• Transactions related to the Nord Stream gas pipelines are now prohibited, blocking any future investment or revenue from the defunct project.
• Brussels added over 100 tankers and support vessels to its shadow-fleet blacklist to curb Russia’s oil export evasion tactics.
• Two Chinese banks were sanctioned for facilitating Kremlin financial operations, marking the first time foreign intermediaries in Asia have been targeted.
• EU foreign policy chief Kaja Kallas called the measures among the bloc’s toughest to date and vowed to maintain pressure until Russia withdraws from Ukraine.