That verse is speaking of the Lord Jesus. Ephesians 1:7 says, “In whom we have redemption through his blood, the forgiveness of sins, according to the riches of his grace.” The blessings that come to us because of the death of the savior are many. In this verse, we are given just a couple.

REDEMPTION THROUGH HIS BLOOD – The Greek word for ‘redemption’ here is ‘apolutrosis’, which means the act of a ransom paid in full. May we enter into the depth of that wondrous truth! Through the shedding of His own blood, the Lord Jesus has paid our ransom IN FULL. We read of the Lord on the cross in John 19:29-30, “Now there was set a vessel full of vinegar: and they filled a spunge with vinegar, and put it upon hyssop, and put it to his mouth. When Jesus therefore had received the vinegar, he said, IT IS FINISHED: and he bowed his head, and gave up the ghost.” That phrase ‘it is finished’ is just one word in the Greek, ‘teleo’. That same word is translated ‘performed’ in Luke 12:50, “But I have a baptism to be baptized with; and how am I straitened till it be ACCOMPLISHED!” It is translated ‘fulfilled’ in Acts 13:29, “And when they had FULFILLED all that was written of him, they took him down from the tree, and laid him in a sepulchre.” It is translated ‘pay’ in Matthew 17:24, “And when they were come to Capernaum, they that received tribute money came to Peter, and said, Doth not your master PAY tribute?” So, in His cry from the cross, the Lord was saying, it is ACCOMPLISHED. It is FULFILLED. It is PAID!!! As we sometimes sing, “JESUS PAID IT ALL!” By the shedding of His own precious blood, the Lord has redeemed us, entirely on His own. We read in Romans 3:25, “Whom God hath set forth to be a propitiation through faith in his blood, to declare his righteousness for the remission of sins that are past, through the forbearance of God.”

THE FORGIVENESS OF SINS – When the Lord procured for us the forgiveness of sins, this means ALL SINS, past, present and future. We read in 1 John 1:7, “But if we walk in the light, as he is in the light, we have fellowship one with another, and THE BLOOD OF JESUS CHRIST HIS SON CLEANSETH US FROM ALL SIN.” It is important that as believers, we confess our sins to the Lord when we commit them. However, this is to maintain our good relationship with the Lord. In truth, ALL our sins were paid for when the Lord Jesus died on the cross of Calvary. Titus 2:14 tells us the Lord Jesus “gave himself for us, that he might REDEEM us from all iniquity, and PURIFY unto himself a peculiar people, zealous of good works.” The result of this complete forgiveness and purification is NO CONDEMNATION as we read in Romans 8:1, “Therefore there is now no condemnation for those who are in Christ Jesus.”

ACCORDING TO THE RICHES OF HIS GRACE – Or, ‘according to His rich grace’. The rich grace of the Lord is boundless, having supply that will never run out. We read in Ephesians 2:7, “That in the ages to come he might shew the exceeding riches of his grace in his kindness toward us through Christ Jesus.” It will take eternity itself for us to see the extent and fullness of God’s rich grace towards us who deserve nothing but God’s great wrath. What have we earned? DEATH. What does the Lord offer to us? LIFE. Why does he offer His grace to us? LOVE. We have never, we could never, earn God’s love and favor. He loves us because He is love. He is merciful to us because He is full of mercy. He has redeemed us and forgiven us because of His unlimited grace towards us. Doesn’t that make you fall to your knees in praise, worship, and adoration to the Lord who loved us and gave Himself for us? (257.8)