Pakistan, July 18 -- The European Union has agreed on its 18th sanctions package against Russia, targeting key sectors including energy, banking, and military industries. This new round of penalties aims to increase pressure on Moscow over its ongoing war in Ukraine. As part of the measures, the G7 price cap on Russian crude oil will be lowered to $47.6 per barrel.

EU foreign policy chief Kaja Kallas stated that this is one of the strongest sanctions packages yet. She emphasized that the EU will continue to raise the cost of aggression for Russia. According to her, increasing pressure is necessary so that Moscow sees ending the war as its only option.

In addition to the oil price cap, the sanctions include a ban on transactions related ...