Page 25 - India Russia

Fact check: Did Asle Toje call PM Modi biggest contender for Nobel Prize?

Reports claimed that deputy leader of the Nobel Prize Committee Asle Toje endorsed PM Narendra Modi for the coveted prize. But did he really say so? Find out here

Each country to make own decision: US official on India buying Russian oil

The United States has said that each country is going to make its own decision when asked about India's ties with Russia and purchase of oil from Russia

India not to cut Russia ties, hope it can use influence to stop war: US

I don't think they're going to end those relations anytime soon, but we are talking to them about the role they can play in this conflict, Lu added

1 year of Ukraine war: Cheaper crude from Russia pushes India's import bill

Exports to Russia contracted 13.5 per cent at $2.2 billion during the first three quarters of the current fiscal year

Managing a crisis: Russia-Ukraine war outbreak a setback for Indian economy

But its impact has been kept under check

As G20 finance chiefs gather, Yellen calls for more economic aid to Ukraine

Yellen, speaking at a news conference in India on the eve of the first anniversary of the Russian invasion

India steel imports from Russia rise to eight-year high in April-Jan: Data

India's imports of Russian steel rose to an eight-year high during the first 10 months of the financial year that began in April 2022, government data compiled by Reuters showed

Western sanctions against us a catalyst for trade with India: Russia

Last year, bilateral trade and economic cooperation between the two countries received a powerful impetus and mutual trade reached almost USD 30 billion

India's imports from Russia goes up by 384% in April-Jan: Commerce Ministry

India's imports from Russia has jumped about five times to USD 37.31 billion during April-January this fiscal on account of increasing inbound shipments of crude oil from that country, according to the commerce ministry data. In 2021-22, Russia was India's 18th largest import partner, accounting for USD 9.86 billion of imports. Russia has become India's fourth largest import source during the 10-month period of the current fiscal. India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. 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 imports rose to 1.27 million barrels per day in January, taking a 28 per cent share, according to energy cargo tracker Vortexa. India, the world's third-larges

Russia supplied arms worth $13 billion to India in last five years: Report

Annual arms exports were about $14 billion to $15 billion, and the order book has remained steady at around $50 billion, Interfax reported

Reliance, BPCL, Nayara among buyers using UAE dirham for Russian oil

India is the UAE's second-largest trade partner and officials are working on a mechanism to boost trade in dirhams and rupees

No unified global energy market, security, says Russia-based Rosneft's head

There is no unified global energy market and energy security is no longer global, Russia's powerful oil executive Igor Sechin said amid talk for countries coming together to check volatility in prices and ensure smooth transition to net zero. Speaking at the India Energy Week here, Sechin, chief executive of Rosneft, said all principles of market trading have been destroyed and market pricing and contract law abolished. Russia was slapped with sanctions by some Western countries following the war in Ukraine. Some countries in Europe stopped buying contracted natural gas. Russian crude oil was shunned, leading to it being traded at a discount to international rates. This meant that while all major benchmark crude oil moved in a particular fashion, Russian crude was traded at discounts as high as USD 40 per barrel. "There is no unified global energy market, and energy security is no longer global," he said. Russia, he said, achieved more significant results than many of the world's

We are the largest oil supplier to India: Russian Ambassador to Delhi

Russia has a lot to offer to India and vice-versa in all these areas, with western companies leading, Russian Ambassador to India added

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