Russia Oil Production

Denis Maksimov's bakery in suburban Moscow became famous overnight after he appeared on President Vladimir Putin's annual call-in show in December. Standing in front of the bakery - called Mashenka, after his oldest daughter - he pleaded with Putin via video to look into new tax reforms that are significantly increasing the burden on small businesses like his. "We understand very well that it's not an easy situation for the country. We understand that raising taxes is necessary," Maksimov said. "We're looking ahead without optimism, frankly speaking. Many (businesses) will close down." As Putin's full-scale invasion of Ukraine marks four years, the mounting pressure on Russia's economy is starting to show. Oil revenues are dwindling, the budget deficit is up, and military spending that fueled robust growth has leveled off. The Kremlin is now tapping consumers and small businesses for funds. The value-added tax has been raised by 2% and revenue thresholds for requiring businesses to

Pressure on Havana has been mounting since late last year, when US forces seized a ship carrying Venezuelan crude to Cuba

US Secretary of State Marco Rubio has said that India has committed to stop buying Russian oil, days after New Delhi reiterated that "national interests" will be the "guiding factor" for India's energy procurement. US President Donald Trump, while announcing a trade deal with New Delhi early in February, claimed India had agreed to not procure crude oil from Russia. Since then, the US has claimed multiple times that India will stop buying oil from Russia. Speaking at the Munich Security Conference on Saturday, Rubio said, "In our conversations with India, we've gotten their commitment to stop buying additional Russian oil." Rubio was responding to a question on the Russia-Ukraine war and the sanctions imposed on Moscow. After announcing the deal, in an executive order, Trump rolled back an additional 25 per cent tariffs on India that he imposed in August last for India's procurement of crude oil from Russia. Earlier, India had said that it would maintain multiple sources for crud

China and Russia have forged an even tighter partnership since the start of the war, and Russia relies on China for critical parts and components for drones and other war material

Foreign Secretary Vikram Misri said India's energy import decisions are driven by national interest, diversification and price stability, amid scrutiny of Russian oil imports, global market volatility

Recent Indian and US mid-sea operations have exposed a hidden system that allows sanctioned oil to bypass global restrictions through shadow tankers, false flags and offshore transfers

White House said in order that 'India has committed to stop directly or indirectly importing Russian Federation oil,' and that import tariffs on all Indian goods may be raised if it resumes purchases

New ‌Delhi has not officially announced plans to halt Russian oil imports

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners

The EU's ban on importing products produced from Russian crude is aimed at curbing oil revenues Moscow uses to fund the Ukraine war

Discounts for ESPO Blend, delivered from the Pacific port of Kozmino to China, widened to nearly $9 a barrel to ICE Brent this week, from $7-$8 in recent months

The MEA said India is open to sourcing crude from Venezuela and other countries based on commercial viability, adding that energy security for 1.4 billion people remains its top priority

After India-US trade deal, Kremlin says India has always bought oil from many countries; Moscow sees India's plan to diversify oil supplies as nothing new or surprising

In comparison, central government-owned ports grew 9%

Along with price discounts, India must replace around 1.7 million barrels per day of average Russian crude imports

Only two state-run refiners Indian Oil and BPCL and Russia-backed Nayara Energy Ltd purchased crude oil from Moscow in January

Donald Trump claimed India will buy Venezuelan oil instead of Iranian crude as Washington moves to cut Russia-linked oil trade and ease some sanctions on Venezuela

While New Delhi has 'made a lot of progress' on curbing buys of Russian crude, "it's hard for them" to completely wean off the supplies, said US Trade Representative Jamieson Greer

India will continue to look out for the best prices and best margins for its refiners, strategically changing its buying slate while also dropping Russian imports slightly, a Kpler analyst said

Shipping and production data show Russian crude exports since November exceeding available non-sanctioned supply, with Indian and Chinese refiners absorbing most of the excess flows