Top headlines: India skips UNSC vote on Russia, LIC IPO pricing in limbo

Russia-India defence sales face looming sanctions. More on that in our top headlines.

India abstains on UNSC resolution that 'deplores' Russian aggression

India abstained on a US-sponsored UN Security Council resolution that "deplores in the strongest terms" Russia's "aggression" against Ukraine, with New Delhi saying dialogue is the only answer to settling differences and disputes and voicing "regret" that the path of diplomacy was given up. The resolution did not pass since permanent member Russia, and President of the Security Council for the month of February, used its veto. The resolution received 11 votes in favour and three abstentions, including by India, China and the UAE. Read more
 

US, Europe agree to freeze assets of Russia's Vladimir Putin, Sergey Lavrov

With a military intervention in Ukraine off the table, and countries around the world looking to heap more financial punishment on Moscow, the United States, Britain and European Union said they will move to sanction Russian President Vladimir Putin and Foreign Minister Sergey Lavrov. Read more
 

Ukraine crisis: Russia-India defence sales face looming sanctions

With Russia facing increasing waves of economic and financial sanctions imposed by western democracies, countries such as India, which are dependent on Moscow for a large percentage of their defence equipment, are facing hard choices. White House Press Secretary Jen Psaki, describing President Joe Biden’s meeting with G7 leaders on Thursday, promised “devastating packages of sanctions” on Russia. Read more
 

LIC IPO: Bankers buy time to decide on valuations amid market mayhem

The turmoil in markets worldwide has put investment bankers in a dilemma over entering into discussions on the pricing of Life Insurance Corporation of India’s (LIC) initial public offering (IPO). Investment bankers said this might not be a good time to gauge investor response, which is critical to determine the demand for the IPO and decide on the kind of valuations the investors will be comfortable with. This is because most foreign investors will prioritise realigning existing portfolios over fresh investments amid the current geopolitical tensions between Russia and Ukraine. Read more
 

GST intelligence body widens investigation on fintech firm BharatPe

The Directorate General of Goods and Services Tax Intelligence (DGGI) has widened its probe on BharatPe after its earlier investigation had found the merchant-focused fintech firm had issued invoices to non-existent vendors, said officials aware of the development. Read more