The European Union's latest effort to restrict Russia's oil revenue is unlikely to hurt Moscow's war effort severely, leaving U.S. President Donald Trump's threat of secondary sanctions one of the few remaining economic levers to pressure the Kremlin.

The European Union has adopted a new round of sanctions targeting Russia's 'shadow fleet,' which is used to bypass Western restrictions. But loopholes and weak oversight have significantly undermined their effectiveness.

The European Union has sanctioned two small Chinese banks in its latest package of measures designed to hobble Russia’s war machine, despite a warning from Beijing to expect consequences. Suifenhe Rural Commercial Bank and Heihe Rural Commercial Bank,