International sanctions

The Commerce Department said the targeted companies had supplied items to Russian “entities of concern” before the February 24 invasion

The G-7 countries have imposed a new package of sanctions against Russia. The measures are aimed at the military industry and military supply chains.

World markets are expecting an "insanely difficult" summer due to the partial embargo of the European Union on Russian oil, Business Insider reports, citing analyst Victor Chatenay.

According to him, the only hope for lower resource prices will be "insanely" high interest rates on loans.

Over 70% of people surveyed in the EU agree with the imposition of economic sanctions on Russia, with two-thirds feeling that more stringent sanctions should be imposed. Support for economic sanctions is particularly high in Scandinavian countries, the Baltic states, Romania, Poland and Ireland.

They said that India and China are profiting from the sanctions

At his garage in the south of Moscow, 35-year-old mechanic Ivan is starting to worry.    

With billions of dollars in financial reserves and money still coming in from oil and gas exports, Russia has yet to feel the full impact of the barrage of Western sanctions imposed over its offensive in Ukraine.    

But Ivan sees storm clouds on the horizon.    

At the extraordinary summit in Brussels, the leaders of the European Union reached an agreement on the sixth package of sanctions against Russia, which includes an embargo on oil imports, said the President of the European Council, Charles Michel.

European Union leaders have backed an embargo on "more than two-thirds" of Russian oil imports, European Council President Charles Michel was quoted as saying on Twitter.

During the ongoing summit in Brussels, Michel also commented that the maximum pressure on Russia will end the war, and the oil embargo cuts a huge source of funding for the military machine.

The EU leaders are meeting to discuss the 6th package of sanctions against Russia

Today, German Economy Minister Robert Habeck expressed concern that the European Union's unity "begins to fall apart" ahead of tomorrow's summit to discuss the oil embargo against Russia and plans to reduce dependence on Russian energy sources.