The European Council has approved its 18th sanctions package against Russia. Key measures include capping the price of oil at $47.60 per barrel, imposing restrictions on the Nord Stream pipeline, blacklisting 105 Russian oil tankers, and expanding banking sector controls. Over 50 individuals, companies, and organizations have been newly sanctioned. More than 20 Russian banks will also be cut off from the SWIFT system. Sanctions are also being extended to Chinese banks that support Russia. These measures are set to take effect shortly.