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A US Senate vote to advance tougher sanctions on Russia raises the risk of disruption to Russian crude supplies but is unlikely to immediately alter oil flows to India and China, according to Kpler analyst Sumit Ritolia. The US Senate on Friday passed a bipartisan Russia sanctions bill that would give President Donald Trump authority to impose tariffs of up to 100 per cent on imports from countries that are among the world's largest buyers of Russian oil and gas. The Lindsey O. Graham Sanctioning Russia Act of 2026 targets the five biggest purchasers of Russian energy and is aimed at cutting Moscow's revenues from oil and gas sales. The measure still needs to clear the US House of Representatives and faces further legislative and administrative steps before it could take effect. According to Ritolia, the measures still face further legislative and administrative hurdles, while their impact will depend largely on how aggressively the US administration implements them, including wheth
India's imports of Russian crude oil surged to a record high in June, rising 34 per cent from the previous month despite a decline in Russia's overall oil export revenues, according to a report by the Centre for Research on Energy and Clean Air (CREA). India bought Russian crude worth EUR 4.5 billion in June, accounting for 83 per cent of its total Russian fossil fuel imports of EUR 5.5 billion, making it the second-largest buyer of Russian hydrocarbons after China, the report said. The sharp increase came as India's overall crude imports rose 5.4 per cent month-on-month, with Russian supplies to key refineries posting steep gains. Deliveries to Reliance Industries' Jamnagar refinery jumped 150 per cent from May, while imports at Indian Oil Corp's Paradip refinery rose 126 per cent. BPCL's Kochi refinery and Nayara Energy's Vadinar refinery recorded increases of 83 per cent and 45 per cent, respectively, CREA said. The surge in Indian purchases helped lift Russia's crude export ...
Russia and India are working on increasing bilateral trade volumes, Kremlin spokesman Dmitry Peskov said on Wednesday, as the two countries pursue a trade target of USD 100 billion by 2030 from USD 60 billion now. Peskov, who attended the 12th Primakov Readings international academic and expert forum, also said that Russia and India share a notably privileged partnership. He said that Russia and India are working to expand trade and economic relations. "We are pleased to note that this volume is showing a steady uptrend. We will keep working along these lines." During President Vladimir Putin's visit to India in December last year, the two countries set the bilateral trade target of USD 100 billion by 2030. "India is the world's most populous country, one of the fastest-growing economies, and a nation brimming with potential across all sectors," Peskov was quoted as saying by the state-run TASS news agency. "Our relationship is further reinforced by our joint participation in vari
India remained the world's second-largest buyer of Russian fossil fuels in May, importing an estimated 5.8 billion euros (USD 6.7 billion) worth of Russian hydrocarbons as refiners stepped up crude purchases from Moscow, European think tank Centre for Research on Energy and Clean Air (CREA) said in a report. Crude oil accounted for about 83 per cent of India's imports from Russia during the month, valued at 4.8 billion euros, while oil products and coal imports stood at 550 million euros and 429 million euros, respectively. "India's total crude import volumes recorded an 8 per cent month-on-month increase in May. This is partially explained by a 21 per cent month-on-month increase in Russian imports," CREA said. Some of India's largest refining hubs recorded notable increases in Russian crude arrivals. Unloaded volumes at the Vadinar refinery in Gujarat rose 36 per cent from April levels, while deliveries to the Jamnagar refining complex in the state increased 14 per cent. Accordin
Russian President Vladimir Putin on Thursday hailed Moscow's strategic partnership with New Delhi and asserted that Western attempts to force New Delhi into scaling back its cooperation with Russia are both futile and damaging to global stability. In an interaction with heads of leading global news agencies including PTI, Putin lauded India's economic growth and its independent foreign policy and said Russia is determined to expand its economic engagement with the country. "India is among the world's major economies and is currently demonstrating an impressive rate of economic growth," Putin remarked, expressing confidence that bilateral trade between the two nations is on track to hit a USD 100 billion milestone in the coming years. Putin said Russia has not seen any negative consequences of Western pressure on India to limit its engagement with Russia, suggesting that such tactics are bound to backfire. "Everyone has understood that putting pressure on Prime Minister Narendra Mo
India and the Eurasian Economic Union (EAEU) are discussing a "limited and temporary" trade arrangement covering selected groups of goods as part of negotiations on a proposed free trade agreement, Russia's Economic Development Minister Maxim Reshetnikov has said, according to a media report. Describing the negotiations as "complex", Reshetnikov said on Friday that the Indian side's requests were "quite ambitious". "Things are more complicated with India: the economy is larger, mutual interests are more complex, so to speak. And, frankly, our colleagues' requests are also quite ambitious," he said in an interview with the Vesti programme, according to the state-run TASS news agency. "Therefore, we are currently discussing a limited and temporary free trade zone, that is, for a list of goods defined by product groups," he added. Reshetnikov's remarks came hours after Russian President Vladimir Putin said negotiations on trade liberalisation between India and the EAEU had gained ...