Page 7 - India Russia

Govt refiners eye smaller oil suppliers after US sanctions Rosneft, Lukoil

India has been balancing the risk of secondary sanctions - and the need to secure a trade deal with the US - against the risks that come with allowing much-needed ties to Russia to fray

Will comply with all international sanctions: IOC Chairman A S Sahney

India's state-run oil refiners procure crude oil from Russia from the spot market through traders, shielding the companies from direct impact of the US sanctions

RIL says it will comply with US, UK, EU sanctions on Russian oil imports

The oil refining giant said that it is assessing the implications of restrictions and sanctions by the EU, the UK and the US on crude oil imports from Russia

EU sanctions 45 entities, including 3 India-based firms, over Russia links

Three India-based companies were among 45 entities sanctioned by the European Union on Thursday for their alleged links with Russian military. The EU slapped the punitive actions against the firms as part of its 19th package of sanctions which are part of efforts to put economic pressure on Russia for its invasion of Ukraine. There was no immediate reaction from Indian officials to the EU action. An EU readout said the European Council has identified 45 new entities "directly supporting" Russia's military and industrial complex by "enabling the circumvention of export restrictions on computer numerical control (CNC) machine tools, microelectronics, unmanned aerial vehicles (UAVs) and other advanced technology items". "These entities will be subject to tighter export restrictions with regard to dual-use goods, as well as items which might generally contribute to the technological enhancement of Russia's defence sector," it said. "Seventeen of these entities are located in third ...

Trump's turnaround sanctions target Russian oil firms that fund Ukraine war

The US and the European Union are hitting Russia with another round of sanctions, aiming to cut into oil and gas export earnings that fund Moscow's war against Ukraine. More than 3 1/2 years into the war, the effort remains a cat-and-mouse game, with Russia finding new ways to get around sanctions, and Washington and Brussels adding new ones and looking for ways to plug enforcement gaps. The chief target of the latest round: Russia's biggest oil companies, Rosneft and Lukoil. New US Treasury sanctions threaten their customers in India and China with retaliation that could include being sanctioned themselves. Meanwhile, the EU is phasing out by the end of next year those shipments of Russian liquefied natural gas that come by ship, and is going after cryptocurrency issuers, platforms and exchanges that Russia has used to skirt restrictions on its financial dealings with the outside world. US Treasury Secretary Scott Bessent said the move aimed to push Russian President Vladimir Puti

Russia share in India's fertiliser imports rose to 27% in 2023-24

Russia's share in India's total fertiliser imports has grown from 7.68 per cent in 2017-18 to almost 27 per cent in 2023-24

US sanctions on Russian oil to hit Reliance; PSUs may keep buying

US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now. Industry sources said public-sector units are assessing compliance risks but are unlikely to halt Russian crude flows immediately as they buy almost all of their needs from traders, mostly European (who are out of the sanctions net). Billionaire Mukesh Ambani's Reliance Industries Ltd - India's largest buyer of Russian crude, accounting for roughly half of the country's 1.7 million barrels per day of imports from Moscow - may however have to recalibrate its imports as it buys crude oil directly from Russia's Rosneft, they said. Reliance had in December 2024 signed a term deal with Russia's Rosneft - now sanctioned - to import as much as 500,000 barrels per day of Russian oil for 25 years. It also buys oil from intermediaries. The company did not immediately respond to

India's Russian oil imports may dry up as US sanctions hit Rosneft, Lukoil

Latest sanctions will mean that orders due to be placed over the coming week - for crude that will load in November and deliver in December - will now be overwhelmingly from other destinations

India to cut Russian oil imports by year-end: Trump after new sanctions

US President Donald Trump said India will sharply reduce Russian oil imports by the end of the year, following new US sanctions on Moscow's major oil firms

India not going to buy much oil from Russia, says US President Donald Trump

US President Trump and PM Modi discuss trade, India's Russian oil imports, and regional issues in Diwali call; PM reiterates India-US partnership and anti-terror stance

'Thank you for your call, warm Diwali greetings': PM Modi after Trump call

PM Modi responded to President Donald Trump's Diwali wishes, saying India and the US share strong democratic values and should continue working together for peace and against terrorism

Sanction-hit Nayara scrambles to sustain operations with support from India

Blocked from international markets by EU sanctions, the Russian-owned refinery has diverted more fuel to India and sought new export customers through various workarounds

Indian refiners likely to import more Russian oil as discounts deepen

Discounts on Urals crude loading in November are $2-to-$2.50 a barrel to Dated Brent, making it attractive

Russian oil purchases not bedrock of Indian economy: US trade official

Jamieson Greer's remarks come at a time when India and the US have resumed negotiations to address the trade barriers after President Donald Trump imposed a 50 per cent tariff on India

Russian oil traders ask Indian buyers to pay in yuan amid strong China ties

In 2023, Indian state refiners made some payments for Russian oil in yuan, but they stopped due to displeasure from the Indian government during a period of heightened tensions with Beijing

PM Modi greets Putin on birthday, reviews India-Russia partnership

The PMO said that the two leaders reviewed the progress in the bilateral agenda and reaffirmed their commitment to further deepen the "special and privileged strategic partnership"

From oil to pistachios: How barter trade is reshaping global commerce

Several Middle Eastern and Asian economies, including China, Pakistan, and Iran, are turning to barter trade to avoid the impact of secondary sanctions

Putin directs measures to reduce trade imbalance with India ahead of visit

Russian President Vladimir Putin expressed his anticipation for his upcoming visit to India in early December and has ordered the government to devise measures to soften the trade imbalance with India due to the heavy import of crude by New Delhi. Speaking at the international Valdai discussion forum of security and geopolitical experts from 140 countries, including India, in the Black Sea resort of Sochi in South Russia on Thursday evening, Putin underlined that Russia and India have never had any problems or tensions between them and always took actions by keeping in view their sensitivities. "We have never had any problems or interstate tensions with India. Never," the Russian leader noted. Putin highlighted the "special" nature of Russia-India relations since the days of the Soviet Union, when India was fighting for its independence. "In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it," he declared. He referred to Prime

India eyes first US LPG deal as trade war shifts global fuel supply routes

India's state oil companies plan to import up to three large US LPG cargoes per month in 2026, marking the country's first long-term US supply deal

India ramps up US oil purchases amid trade talks, diversification push

Crude oil loading refers to volumes of oil loaded at a producing country's port for respective destinations. Oil shipments loaded in the US typically take around two months for delivery in India