Estonian authorities detained an oil tanker which forms part of Russia's ‘shadow fleet’
Latest EU sanctions largely toothless
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
The EU unveiled what it described as one of its most punitive sanctions packages against Russia in late July, targeting the country’s energy and financial sectors with new restrictions designed to curb Moscow’s wartime revenues. However, while the measures will not be painless to Russia, they are unlikely to have a significant impact on either the country’s oil and gas receipts or its broader economy, which has largely adapted to sanctions and partial international isolation over the past three years. Moreover, the latest package critically lacks US backing, likely undermining its effectiveness. Oil sanctions Agreed by EU ambassadors on 18 July, the 18th sanctions package includes a reductio
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
