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The European Union last week announced a new package of sanctions in an attempt to increase pressure on Russian Federation for its military operation in Ukraine. The EU hopes that the sanctions will reduce Russian energy revenues. The punitive measures will also put pressure on companies and ships involved in the transportation of Russian oil. In addition, the sanctions target oil products and include lowering the price threshold for oil. The package also includes sanctions measures against Russian companies and banks, as well as against the military-industrial complex.
