The Ministry of External Affairs (MEA) has refuted reports suggesting a deal with Iran involving the release of seized vessels in exchange for safe passage of Indian ships through the Strait of Hormuz.
Private-sector oil refiner Reliance Industries Limited (RIL) last week received a general licence from the United States (US) government to buy Venezuelan oil, an industry executive said.
US President Donald Trump has rejected Iran's proposal to end the ongoing war, deeming it 'totally unacceptable'. This decision comes amid efforts to negotiate an end to hostilities that began on February 28 and have disrupted global oil supplies.
India will restrict crude oil purchases from Russia as part of an agreement reached with the US in exchange for lower trade tariffs, sources said, adding imports will continue for now by refiners such as Nayara Energy, which have no other alternative source. US President Donald Trump announced overnight that the United States will cut the reciprocal tariff on imports of Indian goods to 18 per cent from 25 per cent under a broader bilateral understanding.
An Iranian tanker successfully bypassed the US Navy to deliver crude oil to the Asia-Pacific region, despite ongoing tensions and a US blockade.
Lavrov's comments came two days after Russia accused the US of attempting to prevent India and other countries from buying Russian oil, saying Washington was using a wide range of 'coercive' measures, including tariffs, sanctions and direct prohibitions.
When asked about Bessent's announcement allowing certain Russian oil sales to India and whether the US is considering any other moves, including tapping the Strategic Petroleum Reserve (SPR), Trump said, "If there were some, I would do it just to take a little of the pressure off."
Lavrov said that the US has set itself the objective of 'achieving economic domination', adding further to it that Americans want to control the routes to leading countries to provide its energy sources to them.
Amidst escalating tensions with Iran, the US has granted India a temporary 30-day waiver to continue purchasing Russian oil, aiming to stabilise global energy markets and encourage future US oil imports by India.
According to a post on X by the US European Command, the tanker violated US sanctions and was tracked by the US Coast Guard cutter Munro prior to the operation.
'No one can or will bar India from pursuing its energy goals as it wishes.' 'The US FTA wording may sound more restrictive, but the underlying reality will not undermine India's sovereign energy decisions.'
Iranian Deputy Foreign Minister Kazem Gharibabadi has urged India to take the lead in bringing peace to West Asia, highlighting the UAE's role in stalling BRICS consensus on the conflict. Gharibabadi also discussed a new framework with Oman for merchant vessels passing through the Strait of Hormuz.
Donald Trump has dismissed the ceasefire with Iran as being on 'massive life support', signalling continued tensions between the US and Iran amid ongoing negotiations.
Indian private sector and State-run refiners continued to receive crude oil from Russian suppliers even after November 21 -- the winding-down date for US sanctions on supplies from leading Russian oil producers imposed in October -- as new intermediaries sprung up in West Asia to sell the oil, according to senior refining sources and ship tracking data.
Uncertainty surrounds the US-Iran talks as a two-week ceasefire approaches its end. Pakistan is attempting to mediate, but tensions remain high after a recent naval incident.
India should not stay on the margins of this initiative. There should be a serious debate about what would be in India's best interests asserts former foreign secretary Shyam Saran.
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
The United States Central Command confirmed that the USS Rafael Peralta intercepted an Iranian-flagged ship, enforcing a maritime blockade against Iran. The US military is prepared to resume major combat operations if ordered by the President.
Iran has presented a multi-layered proposal to the US in an attempt to break the deadlock in peace talks, focusing on de-escalation and nuclear programme discussions.
Tensions escalate as Iranian forces attack a container ship in the Strait of Hormuz after Trump announced the ceasefire extension.
There are enough people at the top decision-making level in Tehran who are still willing to negotiate, provided Trump can create the right setting for the negotiation to acquire a dynamic of its own, points out Ambassador M K Bhadrakumar.
Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months.
Russian President Vladimir Putin is set to visit China for talks with Chinese leader Xi Jinping, shortly after US President Donald Trump's visit to Beijing. The visit underscores the close strategic ties between China and Russia amid global tensions.
Delhi must now purge the delusional hopes of being a 'counterweight' to China in the US calculus, argues Ambassador M K Bhadrakumar.
Russian Foreign Minister Sergei Lavrov will visit Beijing to discuss the West Asia conflict, the Strait of Hormuz blockade, and bilateral relations with Chinese leaders.
United States President Donald Trump has backed a sanctions bill that could impose 500 per cent tariffs on countries buying Russian oil, giving the White House leverage against countries like China and India to stop them from purchasing cheap oil from Moscow.
India has gained the least since Russia invaded Ukraine in February 2022 and was penalised the most, while the US, China and the European Union emerged as the biggest beneficiaries from the war.
According to a statement cited by TASS, the Russian foreign ministry said it is closely monitoring reports that the US military has boarded the tanker Mariner, originally Bella 1, on the high seas, noting that Russian citizens are among the crew.
Chinese President Xi Jinping warned US President Donald Trump that mishandling the Taiwan issue could trigger conflicts between the two countries during wide-ranging talks on trade, Iran, and energy security.
US Secretary of State Marco Rubio has said that the Trump administration hopes it can fix the "measures" it has taken with regard to India for its purchases of Russian oil.
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US President Donald Trump has indefinitely extended the ceasefire with Iran at the request of Pakistan, aiming to allow Tehran's leadership time to form a unified proposal to end the seven-week war.
Reliance Industries Ltd has consistently remained compliant with international sanctions and is expected to adhere to upcoming measures on Russian oil, analysts said, estimating that oil sourced from Russia contributes just 2.1 per cent to its consolidated EBITDA. Reliance operates the world's largest single location refining complex, with more than half of the capacity exclusively dedicated for exports.
The United States has imposed sanctions on at least half a dozen Indian companies accused of trading in Iranian petroleum and petrochemicals as part of broader action targeting 20 entities worldwide.
Iran was the chance to arrange a concert of nations, to actually be a Vishwaguru. Instead, we are watching from the sidelines as Pakistan, the same country that is apparently still at war with Afghanistan, hosts talks between US-Israel and Iran. The irony is hard to miss, points out Amberish K Diwanji.
US President Donald Trump and Russian President Vladimir Putin discussed the Iran conflict and its impact on global energy supplies during a phone call.
Shares of Reliance Industries Limited (RIL) tumbled on Tuesday, posting its biggest single-day decline in 19 months, amid controversy over its purchase of Russian oil and profit-booking after recent gains.
China has criticised the US blockade of the Strait of Hormuz, calling it a dangerous and irresponsible move, and urged Washington and Tehran to honour the ceasefire. Beijing also denied aiding Iran militarily and threatened countermeasures if the US imposes tariffs.
For that to happen America does not have to lose. It only has to do the right thing, asserts Aakar Patel.
The logic of war plus the gathering storms in US politics as the midterms loom large leave him with no real alternative but to negotiate, points out Ambassador M K Bhadrakumar.
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