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US Sanctions
India's imports of Russian crude oil - the feedstock for fuels like petrol and diesel - are expected to drop sharply in the near term but not halt entirely as new US sanctions on Moscow's top oil exporters take full effect, analysts said. US sanctions on Rosneft and Lukoil, and their majority-owned subsidiaries, took effect on November 21, effectively turning crude linked to these firms into a "sanctioned molecule". India's crude oil imports from Russia, averaging 1.7 million barrels per day (bpd) this year, remained firm ahead of the cutoff, with November arrivals projected at 1.8-1.9 million bpd, as refiners maximise discounted purchases. But flows are expected to drop noticeably in December and January, with analysts estimating near-term declines to around 4,00,000 bpd. Traditionally, reliant on Middle Eastern oil, India significantly increased its imports from Russia following the February 2022 Ukraine invasion. Western sanctions and reduced European demand made Russian oil ...
US sanctions on Rosneft and Lukoil, along with the EU's ban on refined products derived from Russian crude, are unlikely to materially dent the margins or credit profiles of India's state-run oil marketing companies, Fitch Ratings said. The ratings agency warned, however, that the eventual impact will hinge on how long the sanctions last and how strictly they are enforced. Russian crude made up about a third of India's oil imports between January and August 2025, and its discounted rates have been a key boost to OMC profitability. Fitch expects the companies to adhere to sanctions, though some refiners may continue sourcing unsanctioned Russian barrels. Traditionally reliant on Middle Eastern oil, India significantly increased its imports from Russia following the February 2022 Ukraine invasion. Western sanctions and reduced European demand made Russian oil available at steep discounts. As a result, India's Russian crude imports surged from under 1 per cent to nearly 40 per cent of
The Transportation Department's new restrictions that would severely limit which immigrants can get commercial driver's licences to drive a semitrailer truck or bus have been put on hold by a federal appeals court. The court in the District of Columbia ruled Thursday that the rules Transportation Secretary Sean Duffy announced in September a month after a truck driver not authorised to be in the US made an illegal U-turn and caused a crash in Florida that killed three people can't be enforced right now. The court said the federal government didn't follow proper procedure in drafting the rule and failed to articulate a satisfactory explanation for how the rule would promote safety. The court said the Federal Motor Carrier Safety Administration's own data shows that immigrants who hold these licences account for roughly 5% of all commercial driver's licences but only about 0.2% of all fatal crashes, the court said. Duffy has been pressing this issue in California because the driver i
The US on Wednesday announced sanctions against 32 entities and individuals from several countries, including India and China for links to Iran's ballistic missile programme. The US state department said the action is in line with President Donald Trump's efforts to counter Iran's aggressive development of missiles and other asymmetric and conventional weapons. The US is today sanctioning 32 entities and individuals based in Iran, China, Hong Kong, the United Arab Emirates, Turkiye, India, and other jurisdictions that operate multiple procurement networks supporting Iran's ballistic missile and unmanned aerial vehicle (UAV) production, it said. It said the action supports the reimposition of UN sanctions and restrictive measures on Iran in September response to the country's "significant non-performance" of its nuclear commitments. US Under Secretary of the Treasury (terrorism and financial intelligence) John K Hurley said Iran exploits financial systems across the globe to launder