Bangladesh, July 25 -- The European Union has intensified its economic pressure on Russia by targeting a Georgian oil refinery accused of processing Russian crude, introducing a delayed transaction ban as part of its newly adopted 21st sanctions package. The move underscores Brussels determination to tighten restrictions on third-country entities that continue to facilitate revenue streams for Moscow while also offering affected businesses a limited transition period to adjust their operations.

The sanctions package, approved by the Council of the European Union on July 24, introduces a new mechanism that allows the bloc to prohibit transactions with refineries located outside Russia if they are found to be processing Russian crude oil i...