World Business Report US and EU increase pressure on Russian energy sector
Oct 23, 2025
Joining the discussion are Alexei Kalmykov, a BBC News Russian reporter with insights on sanctions affecting Russia's energy sector, and Narendra Taneja, Chairman of the Independent Energy Policy Institute, offering a glimpse into India's energy strategy. They explore the ramifications of the latest US and EU sanctions on Russian oil giants like Rosneft and Lukoil. Kalmykov details how Russia is adapting, while Taneja discusses India's approach amidst potential shifts in global energy demand, specifically addressing consumer price impacts and China's strategic economic goals.
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Major Energy Targets Signal Escalation
- The US blacklisted Rosneft and Lukoil, and the EU banned Russian LNG to squeeze energy revenues.
- Alexei Kalmykov says the moves are a warning shot with a transition period to limit disruption.
Two Firms Dominate Russian Oil Exports
- Lukoil and Rosneft account for about 80% of Russian oil exports and supply India and China.
- Cutting them could seriously damage Russian income and worsen the budget deficit, says Narendra Taneja quoting Andrei Felleroff.
Shadow Fleet Keeps Oil Flowing
- Russia has long adapted to Western sanctions using shadow fleets and workarounds to keep selling oil.
- Alexei Kalmykov notes sanctions haven't targeted buyers like China or India, limiting immediate impact.