The European Union (EU) has introduced new sanctions targeting Russia’s oil, energy, banking, and defence sectors. According to Herve Delphin, the EU Ambassador to India, these steps aim to weaken Moscow’s “war economy” without disturbing global oil markets.
Delphin explained on X that the sanctions do not stop other countries from buying Russian oil. Instead, the goal is to reduce how much Russia earns from oil sales while keeping global oil supply stable.
The EU's latest sanctions package the 18th lowers the price cap on Russian oil exports from $60 to $47.6 per barrel. This move intends to shrink Russia’s income, which funds its war in Ukraine.
One Indian refinery came under scrutiny due to Rosneft's involvement. Rosneft is a major Russian oil company and one of the refinery’s main shareholders.
Delphin noted, "Capping on Russian oil export prices --> a way of reducing the amount of revenues that feed/are channeled into the Russian war economy."
He also said the new cap adjusts based on market prices. This flexibility benefits oil buyers with stronger negotiating power by giving them access to cheaper Russian oil.
Additionally, the EU has banned third-party countries from selling refined oil products—made using Russian crude—into the European market. This measure closes a previous loophole that indirectly benefited Russia.
Delphin stated that Europeans support these tough sanctions, even if they lead to higher import costs "European citizens want this, even if it may result in higher import cost by buying from other suppliers," he wrote.
To stop Russia from bypassing sanctions, the EU has also blacklisted 450 "shadow fleet" tankers. These ships are used to secretly transport Russian oil and avoid sanctions.
Delphin wrote, "Sanctions on shadow fleet oil tanker ships (port call and provision of services) --> closing a loophole that Russia uses to circumvent this sanction."
Oil makes up one-third of Russia’s revenue. About 40% of its public spending—roughly 6 to 7% of its GDP—goes toward military efforts. Delphin revealed that the EU has already slashed its Russian oil imports by 90%. By 2026–2027, EU members aim to stop all Russian energy imports entirely.
Delphin called Russia’s invasion of Ukraine "illegal" and a direct threat to Europe’s safety. He stated, "Mr Putin must stop this war; stop the carnage and engage in earnest in peace talks."
