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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 ...
Asian nations are increasingly competing for Russian crude oil as an energy crisis mounts amid the month-old war by the US and Israel against Iran, which has choked off roughly a fifth of the world's oil supply. Much of the oil from the mostly shut Strait of Hormuz was headed for Asia, hit hardest by recent energy shocks. Over the weekend, Iran-backed Houthi rebels entered the conflict, further threatening shipping. To shore up global crude oil supplies, the US has temporarily eased sanctions on Russian oil shipments already at sea - first for India, then for the rest of the world. Demand is rising in Asia while Russia is raking in billions of dollars. But experts say there is a limit to how much Moscow can boost its exports of crude oil, which is unrefined petroleum needed to make fuels like gasoline and diesel, and it is already exporting at a level close to its previous peak. In addition, Russia's 4-year-old full-scale invasion of Ukraine and recent drone attacks on its energy .
India and Russia on Monday explored ways to further expand their already close strategic partnership against the backdrop of the West Asia crisis and its economic fallout. The escalating conflict in West Asia is learnt to have figured prominently in Russian Deputy Foreign Minister Andrey Rudenko's meetings in New Delhi including with External Affairs Minister S Jaishankar. "Good to meet Deputy Foreign Minister Andrey Rudenko of Russia. Spoke about further advancement of our wide-ranging cooperation. As well as regional and global developments," Jaishankar said on social media. People familiar with the meeting said the crisis in West Asia figured in the discussion. Rudenko also co-chaired India-Russia Foreign Office Consultations along with Foreign Secretary Vikram Misri. "Both sides reviewed the full spectrum of Special and Privileged Strategic Partnership and shared perspectives on bilateral, regional and global issues of mutual interest," External Affairs Ministry spokesperson .