Page 24 - India Russia

Russian oil exports to India likely to hit new highs as interest grows

The refinery executives said Indian processors will maintain their long-term supplies from producers such as Saudi Arabia, with any increase in Russian purchases done on a spot and opportunistic basis

Canara Bank to sell its stake in Russian joint venture to SBI for Rs 114 cr

Canara Bank on Friday said it plans to sell its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 114 crore. CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent). Canara Bank has entered into a share sale agreement in relation to sale of equity shares held by it in Moscow-based CIBL with SBI, the bank said in a regulatory filing. The Bengaluru-based state-owned bank entered into the agreement for sale on November 11, 2022, it said. Based on share sale agreement and with the consent of Central Bank of Russia, entire shares held by Canara Bank have been transferred to SBI on November 30, 2022, it said. "However, consideration in USD as agreed by the parties is not yet received. Expected to complete the transaction on or before March 31, 2023," it said. Canara Bank is expected to receive USD 14.67 million or about Rs 114 crore from SBI for its

Indo-Russian joint venture begins manufacturing Kalashnikov AK-203: Rostec

An Indo-Russian joint venture has started manufacturing Kalashnikov AK-203 assault rifles in Uttar Pradesh's Amethi, a move that will lend greater firepower to the Indian armed forces. Indo-Russian Rifles Private Limited plans to ensure 100 per cent localisation of the production of AK-203 rifles in India. In future, the company may also increase output and upgrade its production facilities to produce advanced rifles based on the Kalashnikov assault rifle platform, Rostec State Corporation said in a statement. The joint venture, registered and located in India, whose founders on the Russian side are Rosoboronexport and Kalashnikov Concern (both subsidiaries of the Rostec State Corporation), has started producing Kalashnikov assault rifles, it said. "Russia and India are linked by strong partnership relations. Military-technical cooperation between the two countries has resulted in the construction of the joint venture Indo-Russian Rifles Private Limited," the statement said. "With

Russia becomes India's fourth-largest trading partner, imports jump 5-fold

Amid the rising bilateral trade, India has been exploring a rupee trade settlement mechanism with Russia

India hopeful rupee trade with Russia will pick up in future: Govt official

Russia, Sri Lanka, Mauritius and Bangladesh are some of the countries that are keen on rupee trade with India

India's Russian oil imports cross 1 million barrels a day in December

India's import of crude oil from Russia increased further in December 2022, topping 1 million barrels per day for the first time ever as Moscow remained its top oil supper for the third month in a row, according to data from energy cargo tracker Vortexa. Russia, which made up for just 0.2 per cent of all crude oil India imported in the year to March 31, 2022, supplied 1.19 million bpd in December. This was higher than 909,403 bpd crude oil India imported from Russia in November and 935,556 bpd in October 2022. The previous record for most crude oil imports from Russia was in June 2022 when India bought 942,694 bpd, according to Vortexa. Russia, which in October 2022 for the first time surpassed traditional sellers Iraq and Saudi Arabia to take the No.1 spot, now makes up for 25 per cent of all oil imported by India. The imports peaked as a price cap was agreed upon by the EU on Russian seaborne oil. Russian oil is available at much lower than USD 60 per barrel cap agreed, industry

Trade in rupee with Russia: A good start with tea, pharma, engg goods items

Such transactions kicked off a week ago and are gradually expected to pick up pace amid the government's efforts towards ironing out the teething troubles related to the implementation

Dialogue the only way forward to resolve Ukraine crisis: PM Modi to Putin

Two leaders reviewed bilateral ties in energy, trade and defence

US seeks strong defence ties with India; pumps billions to counter China

The USD 858 billion defence bill passed by the US Senate seeks to strengthen defence ties with India, including supporting efforts to reduce India's reliance on Russian-built military equipment and funds billions of dollars to take measures to address the challenges posed to America's national security by China. The National Defence Authorisation Act, known as the NDAA, was approved by the Senate with 83-11 votes on Thursday. The bill was passed by the House of Representatives with 350-80 votes on December 8. Now it heads to the White House for President Joe Biden to sign it into law. As passed by the House and the Senate, the NDAA seeks to strengthen US-India relations by directing the Departments of Defence and State to pursue greater engagement and expanded cooperation with India related to emerging technology, joint Research and development, defence and cyber capabilities, and other opportunities for collaboration including for reducing India's reliance on Russian-built defence

Russia replaces Iraq as top oil supplier to India in Nov with 23% share

India's oil imports from Russia rose for the fifth straight month, totaling 908,000 barrels per day (bpd) in November, up 4% from October, the data showed

The $60 price cap on Russian oil may not hit Indian purchases: Report

India mostly buys the Urals crude from Russia. This grade made up 80% of India's oil imports last month

Trade settlement with Russia in rupees to start next week: Report

Five to six banks have been allowed to open Vostro accounts for rupee trade settlement and 10-11 such accounts have been opened so far

Russia remains India's top oil supplier for second month in a row in Nov

Russia has for the second month in a row remained India's top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa. Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 9,09,403 barrels per day (bpd) of crude oil to India in November. It now makes up for more than a fifth of India's oil supplies. According to Vortexa, an energy intelligence firm, India imported 8,61,461 bpd of oil from Iraq in November and 5,70,922 bpd from Saudi Arabia. The United States was India's fourth largest supplier at 4,05,525 bpd. India's imports from Russia in November were lower than the volumes bought in October. India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine. As per Vortexa, India imported just 36,255 barrels per day of crude oil from Russia in December 2021, .

PM Modi to skip annual summit with Russia's Putin over Ukraine nuke threats

It would mark only the second time the leaders of India and Russia haven't met face to face since 2000, when the relationship was elevated to a strategic partnership

India shares a list of products with Moscow for access to Russian market

Moscow had sent India a list of more than 500 products for potential delivery

India's existing deep discounts on Russian crude oil will stay: Officials

A record 24.8 percent of India's crude oil imports came from Russia in the April-September period

Reliance makes rare buy of Russian naphtha, ups fuel oil imports: Data

India imported about 410,000 tonnes of naphtha, used for making petrochemicals, in Sept-Oct, the Refinitiv data showed

India's finished steel imports from Russia hit 4-year high in April-October

India's finished steel imports from Russia during April-October rose to their highest in at least four years, government data showed

India purchased 40% of seaborne Russian Urals oil in Nov, shows data

At the same time, shipments of the grade to Europe, which was previously the largest consumer of seaborne Urals, in November amounted to slightly less than a quarter

Discounts lift Russia's fertiliser exports, becomes top supplier to India

The surge in Russian supplies halved China's exports to India to 1.78 million tonnes in the first half of 2022/23