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As Trump threatens sanctions on buyers of Russian oil, India prepares to switch suppliers to avoid fallout

Arctic LNG2 Russia gas sanctions

Oil Minister Hardeep Singh Puri says India is ready to meet its oil needs from alternative sources if Russia’s supplies are affected by secondary sanctions, Reuters reports.

Currently, Russia remains India’s main oil supplier, accounting for about 35% of total imports, but the country is actively seeking new sources, including Guyana, Brazil, and Canada. Moscow’s energy export remains its leading source of profits, which it uses to fund its war against Ukraine. 

US President Donald Trump has recently warned that countries continuing to buy Russian oil could face 100% tariffs if Moscow does not agree to a peace deal with Ukraine within 50 days. NATO Secretary General Mark Rutte has also stated that due to the new economic measures, countries, including India, could suffer losses if continue business with Mooscow. 

At the same time, India emphasizes energy security as a priority and says it will make decisions based on market conditions. The head of the Indian Oil Corporation, A.S. Sahni, has stated that if Russian supplies are restricted, the company will revert to traditional import schemes used before the war in Ukraine, when Moscow’s export was lower than 2%

So far, some large private refineries, such as Reliance Industries and Nayara Energy, continue to purchase significant volumes of Russian oil, which led to an increase in imports from Russia in the first half of 2025.

Despite the restrictions the West has already imposed on Moscow, the Kremlin continues to use its “shadow” fleet. It includes a large group of oil tankers, many of which are old and poorly maintained. 

Earlier, Ukraine’s Defense Intelligence said a powerful explosion occurred in the engine room of Russia’s  Vilamoura tanker on 27 June, while it was en route from the Libyan port of Es-Zuwaytina.

It was located about 150 km northeast of Libya’s territorial waters and was carrying approximately 1 million barrels of crude oil. The tanker sailed under the Marshall Islands flag.

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EBRD to unlock $1 billion in credit for Ukraine's key sectors, considers mineral projects

EBRD to unlock $1 billion in credit for Ukraine's key sectors, considers mineral projects

The European Bank for Reconstruction and Development (EBRD) will enable Ukrainian banks to provide up to 900 million euros ($1.05 billion) in new loans by sharing credit risks, the EBRD announced in a press release on July 7.

The loans will target companies in agribusiness, manufacturing, pharmaceuticals, transport and logistics, as well as energy security projects.

The mechanism will be announced at the Ukraine Recovery Conference (URC) in Rome on July 10-11. This represents the largest risk-sharing facility implemented in Ukraine since the war began, according to the EBRD's press release.

Due to destructive Russian attacks on Ukrainian energy infrastructure, the EBRD will also focus on supporting distributed generation and renewable energy projects.

Russian forces have damaged most of Ukraine's thermal power plants and about 30% of power stations, disrupting nearly two-thirds of the country's total electricity generation, the bank says.

The EU, together with other EBRD donors, has developed plans to de-risk renewable energy investments to attract more private capital, which they will announce at the URC.

Nearly one-third of EBRD's wartime financing to Ukraine — 2.4 billion euros ($2.8 billion) — has gone to the energy sector. This includes support for state-owned electricity transmission and gas companies, as well as financing for hydropower and small-scale distributed generation.

In a pre-URC press release, the EBRD also expressed interest in supporting the development of a natural graphite deposit in Ukraine following the U.S.-Ukraine minerals agreement. Graphite is a strategic material used in batteries and defense applications.

The bank will launch the second phase of digitizing Ukraine's paper-based geological data archive to make information about mineral deposits more accessible, the EBRD reports.

Since Russia's full-scale invasion in 2022, the EBRD has invested over 7.2 billion euros ($8.4 billion) in Ukraine's economy.

Zelensky, Trump discussed replacement of Ukraine’s US ambassador, source says
Oksana Markarova has held the post since April 2021, and played a central role in coordinating U.S. military and financial support during the early phases of Russia’s full-scale invasion.
EBRD to unlock $1 billion in credit for Ukraine's key sectors, considers mineral projectsThe Kyiv IndependentTim Zadorozhnyy
EBRD to unlock $1 billion in credit for Ukraine's key sectors, considers mineral projects

Polish PM Tusk: Counting on Russian energy supplies during war is “grave sin”

Polish Prime Minister Donald Tusk says that counting on Russian energy supplies during the war against Ukraine would be a “grave sin.” He has welcomed Orlen’s decision to stop purchasing Russian oil for its refinery in the Czech Republic, UkrInform reports. 

As of June 2025, Russia’s oil export revenues have fallen to their lowest levels since the start of the war in Ukraine. However, the Iran-Israel conflict caused a significant surge in global oil prices, temporarily boosting Russia’s oil export revenues. The higher prices allowed Russia to earn over $1.3 billion from oil exports during a single week amid heightened tensions. Major buyers included India, China, Türkiye, and Syria.

The Polish company Orlen will cease buying Russian oil for its Czech refinery after 30 June. Tusk has emphasized that this decision is part of Poland’s and Europe’s strategy to minimize dependence on supplies from aggressive countries, including Russia.

“I don’t need to explain to anyone today that during a war, where Russia is the main negative actor, relying on Russian supplies for Polish energy would be a grave sin,” Tusk says.

In May, Orlen and Ukraine’s state oil and gas company, Naftogaz, signed a memorandum of strategic cooperation in several areas, which will also contribute to strengthening the region’s energy security.

According to Tusk, Poland’s energy independence from Russia has been hard-won, but the country now feels more secure on this front.

You could close this page. Or you could join our community and help us produce more materials like this. We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. Become a patron or see other ways to support
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