Russian oil is stranded at sea. At least four tankers carrying Russian oil are unable to dock near India’s shores due to the threat of sanctions from the US and EU, Bloomberg reports. 

In mid-July, the EU implemented new sanctions against Russia aimed at cutting its energy revenues. At the same time, US President Donald Trump’s administration has threatened India with high import tariffs and penalties for buying Russian oil. 

Earlier, the head of the Indian Oil Corporation, A.S. Sahni, 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 to India was lower than 2%. 

Sanctioned tankers idle off the Indian coast

Satellite tracking data shows that the tankers Achilles and Elyte, which loaded Urals crude in late June from Primorsk and Ust-Luga, are anchored near the port of Jamnagar, although they were scheduled to arrive in Sikka on 30–31 July. Both vessels are listed under EU and UK sanctions.

Two other tankers — Destan (under sanctions) and Horae (not sanctioned) — are also off the coast, awaiting unloading. Destan was due in Sikka on 24–25 July, while Horae is en route to Vadinar and expected to arrive on 1 August.

The delay of four tankers may signal that the era of consequence-free trade is nearing its end. Even if the tankers eventually reroute or unload, the situation marks a new phase of global pressure on countries doing business with Russia.

Amid Russian missile strikes and a gas war, Ukraine has taken its first step toward strategic energy retaliation. Ukraine’s national energy company Naftogaz has announced it has signed its first agreement for the supply of Azerbaijani gas with the state-owned company SOCAR.

Transit via the Balkans

The first gas test delivery was carried out through the Trans-Balkan corridor, which runs from the Bulgarian—Romanian—Ukrainian border.

“This is a small-volume but strategically important step that paves the way for long-term cooperation. It’s also another example of diversifying supply sources and strengthening Ukraine’s energy security,” says Serhiy Koretskyi, CEO of Naftogaz.

Imports to replace war-damaged supplies

Due to Russian strikes on gas infrastructure, Ukraine is forced this year to import a significant volume of gas from Europe. According to former Energy Minister Herman Halushchenko, at least 4.6 billion cubic meters of imported gas must be injected into underground storage facilities. As of June, 2.9 billion cubic meters had already been contracted.

A new route through Greece, Bulgaria, Romania, and Moldova was launched in May, opening another window of opportunity for Ukraine.

A regional energy heavyweight

SOCAR operates actively in Türkiye, Romania, Georgia, Switzerland, and Ukraine, where its subsidiary SOCAR Energy Ukraine runs one of the country’s largest premium gas station networks.

The company is involved in strategic projects supplying Caspian gas to Europe, particularly via the TANAP and TAP pipelines.

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.

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.

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.

The Kyiv IndependentTim Zadorozhnyy