The European Union has intensified economic sanctions on Russia, complementing the recently announced U.S. sanctions targeting Russia's oil industry. President Vladimir Putin of Russia criticized these measures, warning that they could destabilize global oil markets.

The sanctions aim to cut off revenue streams supporting Russia's ongoing military activities in Ukraine. As these restrictions are set to take effect on November 21, the coming weeks are crucial for potential diplomatic negotiations.

Despite the sanctions, analysts question their effectiveness in altering Russia's course, as its economy, though strained, continues to demonstrate resilience. The geopolitical tension heightens as international stakeholders, including China and India, grapple with their positions on Russian oil

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