The EU also targeted the Nord Stream pipelines between Russia and Germany to prevent Putin from generating any revenue from them in future, notably by discouraging would-be investors. Russian energy giant Rosneft’s refinery in India was hit as well.

The European Union has approved a new package of sanctions on Russia, including restrictions on banking and fuels made from Russian petroleum, and a revised oil price cap – the 18th raft of measures since the country’s full scale invasion of Ukraine.

Russia has built up a certain immunity to Western sanctions and adapted to them, the Kremlin said on Friday, after the European Union agreed an 18th package of sanctions against Moscow, including measures aimed at its oil industry.