Propitiation

"That word propitiation speaks of an offering made to satisfy God. Christ's death was a satisfaction rendered to God on behalf of those whom He redeemed. "The Lord was pleased to crush Him" (Isaiah 53:10, emphasis added). God the Father saw the travail of His Son's soul, and He was satisfied (v. 11). Christ made propitiation by shedding His blood (Romans 3:25; Hebrews 2:17).

It was God's own wrath against sin, God's own righteousness, and God's own sense of justice that Christ satisfied on the cross. The shedding of His blood was a sin offering rendered to God. His death was not merely a satisfaction of public justice, nor was it a ransom paid to Satan. Neither Satan nor anyone else had any right to claim a ransom from God for sinners. But when Christ ransomed the elect from sin (1 Timothy 2:6), the ransom price was paid to God. Christ died in our place and in our stead—and He received the very same outpouring of divine wrath in all its fury that we deserved for our sin. It was a punishment so severe that a mortal man could spend all eternity in the torments of hell, and still he would not have begun to exhaust the divine wrath that was heaped on Christ at the cross."
                               -  John MacArthur