The European Union has announced a new round of sanctions against Russia, described as 'unprecedented,' primarily targeting the Russian oil industry. A key component of the package is a moving price cap on Russian oil exports, designed to limit Russia's revenue generation. The EU aims to weaken the Russian economy and, in doing so, pressure the Kremlin to pursue a ceasefire in Ukraine. The effectiveness of the sanctions and their potential impact on global energy markets remain to be seen, but EU officials are optimistic that this measure will contribute to a resolution of the conflict.