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Russian President Vladimir Putin on Sunday proposed a new insurance mechanism and a collaborative initiative for the grain market among the BRICS nations as he called upon the grouping to adopt a holistic approach in combating pressing global challenges. Putin proposed the new initiatives for economic growth among the BRICS member nations as well as the Global South nations amid crippling sanctions imposed by the Western powers on Moscow for its war on Ukraine. The G-7 countries, the European Union and the UK prohibited Western companies from insuring any ship transporting Russian crude unless the oil was purchased at or below a specified price cap. The sanctions relating to the insurance sector have adversely impacted Russian crude oil exports. "We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside pressure," Putin said at the concluding session of the 18th BRICS summit here. "We have some promising initiatives going
India has emerged as a key supplier of gasoline (petrol) to Russia amid a surge in Russian fuel imports triggered by Ukrainian drone attacks on refineries, ship tracking data showed. Russia's seaborne gasoline imports surged to a record around 125,000 barrels per day (kbd) in August, equivalent to a projected 470,000 tonnes for the month, as repeated attacks on its refineries disrupted domestic fuel production, according to energy analytics firm Vortexa. Indian refiners supplied as much as 1 million barrels of gasoline in the last two months, trade sources said. The supplies essentially came from Vadinar refinery in Gujarat, operated by Nayara Energy, which is half owned by Russia's Rosneft. Since 2022, India has pivoted towards Russia to meet a bulk of its crude oil -- raw material for making fuels like petrol and diesel. India's purchases of Russian crude oil hit a record high as the conflict in the Gulf squeezes supply from other sources. India imported more than 2.6 million ...