Page 28 - India Russia

No one has told us not to buy oil from Russia, says Hardeep Singh Puri

The Indian government has a moral duty to provide energy to its citizens and it will continue to buy oil from wherever it has to, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Friday, asserting that no country has told India to stop buying oil from Russia. The Russia-Ukraine war has had a far-reaching impact on the global energy system, disrupting supply and demand patterns and fracturing long-standing trading relationships. It has pushed up energy prices for many consumers and businesses around the world, hurting households, industries and entire economies of several nations. India's crude oil imports from Russia have jumped over 50 times since April and now it makes up for 10 per cent of all crude bought from overseas. Russian oil made up for just 0.2 per cent of all oil imported by India prior to the Ukraine war. The Western countries are gradually bringing down their energy purchases from Russia following its attack on Ukraine. India will buy oil from

Rupee trade: Understanding difference between Nostro and Vostro accounts

The RBI has allowed two Russian banks, Sberbank and JSC VTB, to open Vostro accounts for rupee trade. Read more to find out what a Vostro account is and how it is different from a Nostro account

Rupee trade: Two Russian banks get RBI nod for special vostro account

Trade between India and Russia started growing after the latter invaded Ukraine in late February

No difficulties with Russia on servicing of military equipment: Jaishankar

Asserting that it exercises a choice which it believes is in its national interest, India Tuesday said it has no difficulties with Russia on servicing of military equipment and spare parts in the aftermath of the war in Ukraine. "On the military equipment (from Russia), to the best of my knowledge, I don't think in recent months we have faced any particular problems in terms of servicing and spare parts supply of equipment that we have got in the past from Russia," External Affairs Minister S Jaishankar told reporters at a joint news conference with US Secretary of State Antony Blinken. "Where we get our military equipment and platforms from, that's not an issue, honestly, which is a new issue or an issue which has particularly changed because of geopolitical tensions," he said. India, he noted, looks at possibilities across the world. "We look at the quality of technology, the quality of capability, the terms on which that particular equipment is offered, and we exercise a choice .

India's campaign for rupee trade finds fans from Russia to UAE

A greater use of the rupee in tea trade is an encouraging sign, but it's unlikely to boost the currency's status in a major way

EAM Jaishankar, Russian counterpart Lavrov discuss bilateral ties, G-20

External Affairs Minister S Jaishankar on Saturday met his Russian counterpart Sergey Lavrov here for a "wide-ranging" conversation that included "bilateral cooperation, Ukraine, G-20 and UN reforms. "A wide-ranging conversation with FM Sergey Lavrov at #UNGA 77. Discussed our bilateral cooperation. Exchanged views on Ukraine, G-20 and UN reforms," Jaishankar tweeted. The meeting came just hours before Jaishankar's address to the high-level UN General Assembly's general debate. Lavrov is also scheduled to address the General Assembly on Saturday.

Navy buys 'enhanced range' BrahMos missiles for Rs 1,700 crore

To be lethal against warships and shore targets at 400 km; deal value Rs 1,700 crore

UCO Bank becomes first lender to get RBI's approval for rupee trade

Many banks in India are planning to open such special vostro accounts for settling trade transactions with other nations

Why are fuel prices at pumps not going down?

From $124 in March, price of crude oil has come down below $90 now. Add it with the oil imports from Russia, the retail prices of fuel should have come down now by now. But it's not. Find out why

Russia's secret gem sales fracturing diamond trade from Mumbai to New York

Many in the industry refuse to deal in Russian gems following the invasion of Ukraine and after mining giant Alrosa PJSC was hit with US sanctions

India's international canvas

The nation's diplomacy enters a critical phase

This era not of war, PM Narendra Modi tells Vladimir Putin at SCO meet

Russian prez says he understands India's position, concerns

PM Modi's outreach to Vladimir Putin risks putting India in US crosshairs

Modi so far has managed to thread the needle between the two sides while advancing India's own interests. He's sought cheaper oil and much-needed weapons, to counter Beijing's aggression

India-Russia trade hits roadblock as Moscow wants ruble for its exports

Moscow is pushing for ruble payment for crude imports after Russia's energy major Gazprom signed a deal with China to start payments for gas supplies to China in yuan and rubles instead of dollars

Russian Unistream bank in talks on instant money transfers to India, Turkey

Russian bank Unistream, which specialises in money transfers, has seen a surge in remittances since Moscow began operations in Ukraine and plans to launch instant transfers to India, Turkey

Russia's exclusion may pave way for India into global bond index

Getting high-yielding Indian sovereign bonds into global indexes would make it easier for overseas investors to put their money into Asia's third-biggest economy with its $1 trillion debt market

Managing inflation can't just be left to RBI: FM Nirmala Sitharaman

'Monetary and fiscal policies have to work in tandem; importing Russian oil part of inflation management'

India keen on strengthening energy ties with Russia: Modi tells summit

PM's virtual address to Vladivostok meeting calls for 'diplomacy, dialogue' to end war in Ukraine

India keen to strengthen partnership with Russia on Arctic subjects: PM

India is keen to strengthen its partnership with Russia on Arctic subjects and there is immense scope for cooperation in the field of energy as well, Prime Minister Narendra Modi said on Wednesday. In an online plenary session address at the Eastern Economic Forum, being organised in the Russian city of Vladivostok and also attended by Russian President Vladimir Putin, Modi also said India has been emphasising the need to adopt the path of diplomacy and dialogue since the beginning of the Ukraine conflict and it supports all peaceful efforts to end the conflict. Recalling his participation at the forum summit physically in 2019, Modi said India had announced its "Act Far-East" policy at that time and as a result of that, India's cooperation with the Russian Far East has increased in various fields. "This policy has now become a key pillar of the 'Special and Privileged Strategic Partnership' between India and Russia," he added. "This month itself, 30 years are being completed since

PM condoles Gorbachev's demise, hails his contribution to India-Russia ties

Prime Minister Narendra Modi on Thursday condoled the demise of former Soviet leader Mikhail S Gorbachev, and said he was one of the leading statesmen of the 20th century who left an indelible mark on the course of history. Gorbachev died at a hospital in Moscow on Tuesday at the age of 91 after a "serious and prolonged illness", according to the Russian media. His death prompted an outpouring of condolences and tributes from leaders across the world. "I extend our deepest condolences to the family and friends of H.E. Mr. Mikhail Gorbachev, one of the leading statesmen of the 20th century who left an indelible mark on the course of history," Modi said in a tweet. "We recall and value his contribution to strengthening of relations with India," he said. Gorbachev was the leader of the Soviet Union from 1985 until its collapse in 1991. He visited India in 1986 as well as in 1988. Gorbachev was awarded the Nobel peace prize for negotiating a historic nuclear arms pact with the then Un