Indonesia Buys 150 Million Barrels of Russian Oil, Defying EU Sanctions

Indonesia Buys 150 Million Barrels of Russian Oil, Defying EU Sanctions Indonesia is pushing ahead with a massive purchase of 150 million barrels of Russian oil, directly ignoring new European Union sanctions that target one of its ports. The move signals a growing divide between Western efforts to isolate Moscow and the energy needs of Asian nations. On Thursday, the European Commission announced its 20th package of sanctions against Russia. For the first time, the measures specifically include Indonesia’s Karimun Oil Terminal, which the EU claims has “connections with the shadow fleet and circumvention of the oil price cap” [135094]. The shadow fleet refers to ships that secretly transport Russian oil to bypass Western restrictions. Despite this, Jakarta is pressing forward with the deal, prioritizing stable energy supplies over compliance with Western sanctions [135094]. The decision comes as Southeast Asian governments are scrambling to buy Russian oil and gas to ease fuel shortages caused by the ongoing crisis in the Strait of Hormuz [134743]. The chokehold on that waterway has driven energy prices higher, forcing import-dependent countries to look beyond their usual suppliers. Analysts say the region’s rush for Russian fuel raises a bigger question: whether Moscow can turn its short-term role as an emergency energy supplier into longer-term influence across Southeast Asia [134743]. Member states of the Association of Southeast Asian Nations (ASEAN) are now weighing the benefits of cheaper Russian energy against the risks of deepening ties with a country under Western sanctions [134743]. Meanwhile, the financial pressure on Moscow is mounting. Goldman Sachs has warned that oil prices could surge to nearly $120 a barrel if the current conflict continues, raising its base forecast for Brent crude to $90 per barrel in the fourth quarter [134168]. The warning comes as global energy markets remain on edge [134168]. At the same time, Russian President Vladimir Putin has asked the country’s wealthy oligarchs for direct donations to support Russia’s military budget, according to a report [112938]. At least two businessmen agreed to contribute after talks on Thursday, highlighting growing financial strain on Moscow due to its war in Ukraine. Russia’s defence spending surged 42% last year, and the government has raised taxes to stabilize the economy [112938]. Indonesia Defies EU Sanctions, Buys 150 Million Barrels of Russian Oil Russia emerges as Southeast Asia's emergency fuel supplier amid Strait of Hormuz crisis Oil at $120? Goldman warns of war-driven price spike. Putin Seeks Oligarch Donations to Fund War as Defence Budget Strains