Key Points

"So far, we continue to observe a fairly consistent anti-Russian stance from Europe. We have repeatedly stated that we view such unilateral restrictions as illegal and we oppose them," Russian state-run news agency TASS quoted Kremlin spokesperson Dmitry Peskov as saying.

Peskov further emphasised that the Russian leadership will assess the latest package of European sanctions in order to minimise its impact.

"Undoubtedly, the new package will need to be thoroughly analysed in order to minimise its impact," said Peskov.

He further asserted that Russia has developed a degree of immunity to sanctions over the course of repeated waves of Western restrictions.

"Over time, we have indeed developed a certain immunity to sanctions and have adapted to living under such conditions," he noted.

The sanctions package targets Moscow's financial and energy sectors and comes after Russian President Vladimir Putin's refusal to agree to an unconditional ceasefire.

The EU has agreed to lower the price cap on Russian oil exported to third countries to 15 per cent below market value. This is meant to reduce Russia's income by banning shipping and insurance companies that let Russia sell above the cap.

"I welcome the agreement on our 18th sanctions package against Russia. We are striking at the heart of Russia's war machine. Targetting its banking, energy and military-industrial sectors and including a new dynamic oil price cap. The pressure is on. It will stay on until Putin ends this war. Thank you Danish Presidency of the Council of the EU 2025 for this first success," President of the European Commission Ursula von der Leyen posted on X.

Kaja Kallas, Vice-President of the European Commission, took to her social media, describing it as "one of its strongest sanctions package against Russia to date".

"We're cutting the Kremlin's war budget further, going after 105 more shadow fleet ships, their enablers, and limiting Russian banks' access to funding. Nord Stream pipelines will be banned. A lower oil price cap. We are putting more pressure on Russia's military industry, Chinese banks that enable sanctions evasion, and blocking tech exports used in drones," Kallas posted on X.

"For the first time, we're designating a flag registry and the biggest Rosneft refinery in India. Our sanctions also hit those indoctrinating Ukrainian children. We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow," she added.

- IANS