Page 24 - India Russia

India's imports from Russia doubled to $20.45 bn in April-July period

India's imports from Russia doubled to USD 20.45 billion during the April-July period of this fiscal due to increasing inbound shipments of crude oil and fertiliser from that country, according to the commerce ministry data. With this, Russia has become India's second largest import source during the first four months of this fiscal. The imports were USD 10.42 billion during April-July 2022. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's oil imports rose to over 40 per cent. India, the world's third-largest crude importer after China and the United States, has been buying Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for the invasion of Ukraine. The ministry's data showed that imports from China dipped to USD 32.7 billion during the April-July period as against USD 34.55 billion in the same period last year. Similarly, im

World leaders underline privileged, strategic partnership with India @77

Russian President Vladimir Putin, his French counterpart Emmanuel Macron, Australian Prime Minister Anthony Albanese and the US Secretary of State Antony Blinken underlined their "special", "privileged" and "strategic" partnership with New Delhi as they wished India on its 77th Independence Day on Tuesday. In a message of greetings to President Droupadi Murmu and Prime Minister Narendra Modi on the occasion of Independence Day, President Putin said he is confident that the two nations will continue to boost fruitful bilateral cooperation in all areas through joint efforts, as well as constructive partnership in resolving pressing issues on the regional and global agenda. We attach great importance to our relations of special and privileged strategic partnership with New Delhi," he said. Putin emphasised that the achievements that India has made in the economic, scientific, technological and social fields are universally recognised. "India enjoys well-deserved authority on the ...

Russia intercepts drones heading for Moscow; no casualties, damage reported

Russian air defence systems on Thursday shot down two drones heading toward Moscow for the second straight day, officials said, with the attack disrupting flights at two international airports as Ukraine appeared to step up its assault on Russian soil. One drone was downed in the Kaluga region southwest of Moscow and another near a major Moscow ring road, according to Moscow Mayor Sergey Sobyanin and the Russian Defence Ministry, which blamed the attack on Ukraine. No casualties or damage were immediately reported. Domodedovo airport, south of the city, halted flights for more than two hours and Vnukovo airport, southwest of the city, stopped flights for more than two and a half hours and redirected some incoming aircraft to other airports, according to Russian news agencies. It wasn't clear where the drones were launched, and Ukrainian officials made no immediate comment. Ukraine usually neither confirms nor denies such attacks. Firing drones at Moscow after more than 17 months o

India faces complex payment situation as Russian oil tops $60/barrel cap

India used to pay in dollars, however, this is no longer possible as the price exceeds G7 nations' fixed cap, and Russia is not keen on accepting the Indian rupee

Russia oil discount to India shrinks to $4, delivery charges remain opaque

The steep discounts on Russia crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continues to remain 'opaque' and higher than normal, sources said. Russia bills Indian refiners at a price shade less than the USD 60 per barrel price cap imposed by the West but charges anything between USD 11 to USD 19 per barrel, twice the normal rate, for delivery from the Baltic and Black Sea to the west coast, three sources with knowledge of the matter said. The USD 11-19 per barrel shipping costs from the Russian ports to India - some of it on the 100+ tankers reportedly acquired by Russian actors for a shadow fleet - are higher than rates for comparable distances, such as a voyage from the Persian Gulf to Rotterdam. Following Moscow's invasion of Ukraine in February last year, Russian oil was sanctioned and shunned by European buyers and some in Asia, such as Japan. This led to Russian Urals crude being traded at a disco

Need to ensure our interest is best served: Jaishankar on Ind-Russia trade

EAM Jaishankar said on Monday that India should keep its relationship with Russia going and see how the interest of the Indian people is best served

Can India continue with purchasing spree of Russian oil as discounts narrow

The shift to date has suited the Kremlin, looking for new markets as Western buyers and established oil traders pull back. It's worked for India too, eager to snap up cheaper fuel

A crude shock from Moscow: Testing times for India's energy security

Russia now accounts for a little less than half of India's oil imports but the current political instability raises serious questions about the long-term reliability of supply

India has to make its own choices, says White House official on Russian oil

In December last year, the United States and its allies went after Russia's all-important oil revenues after a European ban and price cap on Russian oil

India-Russia strategic partnership growing stronger: Russian Envoy Alipov

Russian Ambassador to India Denis Alipov said that the 'special Russia-India strategic partnership' has shown strength and is 'growing stronger as ever''

Russian arms for India not in German interests: Germany Defence Minister

Since the full-scale invasion of Ukraine began in early 2022, India has relied on Russia for its defence needs and has also become a significant customer of discounted Russian crude oil

Russia pushes India for help to avert its global financial isolation

Many countries in the so-called Global South including India have stayed mostly neutral over Russia's aggression against Ukraine. That balancing act was on display at a Group of Seven summit in Japan

Crack down on 'resale' of Russia oil: EU foreign policy chief Josep Borrell

India has emerged in the past year as a top buyer of Russian oil following the war

Russian investors eye Indian bourses to trade in US energy basket

Interest comes days before the launch of NYMEX WTI Crude Oil and Natural Gas (Henry Hub) derivatives contracts by NSE

S Jaishankar holds talks with Russian counterpart Lavrov on various issues

External Affairs Minister S Jaishankar on Thursday held wide-ranging talks with his Russian counterpart Sergey Lavrov on overall bilateral cooperation, the Ukraine conflict and regional as well as global issues of mutual interest. The talks took place at a beach resort in Benaulim on the sidelines of a meeting of the Council of Foreign Ministers of the Shanghai Cooperation Organisation (SCO). The Russian foreign minister landed in Goa this morning to attend the SCO conclave, a day after Russia accused Ukraine of attacking the Kremlin with drones in an unsuccessful attempt to kill President Vladimir Putin. Jaishankar and Lavrov reviewed overall trajectory of bilateral engagement in the backdrop of the global geopolitical upheaval, people familiar with the matter said. There is no clarity yet on whether trade-related issues figured in the talks. India has been pressing Russia for urgently addressing the trade imbalance that has been in favour of Moscow. India's trade deficit with R

Tracking the economic indicators: Oil imports from Russia make a new record

US supplies were one the biggest casualties of Russian inroads into India's crude oil market

India, Russia explore using RuPay and Mir cards for easy payments

India and Russia will explore the possibility of accepting RuPay and Mir cards in each other's country for hassle-free payments amid sanctions imposed by the West on Moscow. In the recent high level Internal Governmental Commission meeting on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC), it was discussed and agreed to explore the opportunity of allowing acceptance of these cards, sources said. The mutual acceptance of RuPay (India) and Mir cards (Russia) will help Indian and Russian citizens to make hassle-free payments in Indian rupees and Russian ruble in their respective countries, sources said. The meeting, co-chaired by External Affairs Minister S Jaishankar and Russia Deputy Prime Minister Denis Manturov, also agreed to explore the possibility of interaction of Unified Payments Interface (UPI) of National Payment Corporation of India and the Faster Payments System (FPS) of the Bank of Russia. Besides, it was also agreed to look at adopting t

How Russian oil is still powering Europe's cars with help from India

Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler's data show

India invited to join regional group on Afghanistan: Russian FM Lavrov

"We want this Quintet to be constituted as something of a core for the format of neighbouring states," he said

BRICS draws membership bids from 19 countries before annual summit

The emerging-markets bloc of Brazil, Russia, India, China and South Africa will meet in Cape Town on June 2-3 to discuss its enlargement, Anil Sooklal, South Africa's ambassador to the group, said