Bangladesh, July 20 -- The European Unions latest sanctions package targeting Russias energy and financial sectors officially came into force on July 20, marking the blocs 18th set of punitive measures since the outbreak of the Ukraine conflict. The move reflects the EUs 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 countrys financial system.

The new sanctions were formally enacted following the publication of the relevant regulations in the EUs Official Journal. They represent a coordinated effort by the 27-member bloc to deepen restrictions on Russias economy, especia...