The European Union (EU) has announced its **18th** round of sanctions against Russia, which includes significant measures to limit the price of Russian oil.

• The new price cap on Russian oil will be set at **$47.6** per barrel, a **15%** reduction from the original **$60** cap.
• Kaja Kallas, the EU High Representative for Foreign Affairs and Security Policy, confirmed the sanctions via social media.
• The sanctions package also targets a Russian-owned oil refinery in India and blacklists over **100** vessels connected to Russia's "shadow fleet."