'India is cosying up to Xi Jinping. They don't need the Russian oil. It's a refining profiteering scheme.'
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.
India's demand for petroleum products like petrol and diesel will grow by 7.73 per cent in 2022, the fastest pace in the world, an OPEC report said. India's demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2021 to 5.14 million bpd in 2022, OPEC said in its monthly oil report. The growth in demand is the fastest in the world ahead of 1.23 per cent of China, 3.39 per cent of the US and 4.62 per cent of Europe.
Russian President Vladimir Putin announced his upcoming visit to India in December and expressed his intention to address the trade imbalance between the two countries, particularly concerning India's crude oil imports from Russia. He also lauded India's independent stance on international issues and highlighted the strong relationship between the two nations.
India has implemented a number of free trade agreements with developed nations and is in active dialogue for such pacts with nations including the US, Oman, and the EU, Commerce and Industry Minister Piyush Goyal said. India has implemented trade pacts with Australia, the UAE and EFTA bloc. It has also signed an agreement with the UK.
So far this year, the rupee has fallen by 4.2 per cent, the worst among its Asian peers.
The wide-ranging sanctions imposed by the US on the Russian oil sector have started to dent near-term oil flows to India with state-owned Bharat Petroleum Corporation Ltd (BPCL) saying not enough cargoes are available for March.
Global emerging market investors are sharply cutting back on India, making it the largest underweight market, as funds rotate into China, Hong Kong, and South Korea amid tariff shocks and valuation concerns.
United States representative Sydney Kamlager-Dove while talking about the famous car selfie of Prime Minister Narendra Modi with Russian President Vladimir Putin said that it spoke a thousand words.
The Russians have termed Putin's visit to India, his first to this country since the outbreak of the Russia-Ukraine war, as 'Druzhba Dosti', which means 'friendship' in Russian and Hindi respectively.
The Indian rupee, swaying through multiple headwinds, tiding over global trade disruptions and massive foreign fund outlfows, is unlikely to arrest its descent until tariff impact overhangs, notwithstanding robust domestic macroeconomic tailwinds. The Reserve Bank of India (RBI), which sees the rupee's depreciation as a silver bullet to offset the tariff shock, expects the currency to find its stable course once India reaches a trade deal with its largest trading partner, the US.
S&P Global Ratings on Tuesday upped India's GDP growth forecast for the current fiscal to 6.5 per cent, citing lower crude prices, monetary easing and normal monsoon, and said the ongoing geopolitical tensions are unlikely to put a "significant pressure" on the rupee or inflation.
The Trump administration has sanctioned entities and individuals from India involved in sales of Iran's petroleum and petroleum products, saying the funds from this trade support Tehran's regional terrorist proxies and procure weapons systems that are a direct threat to the US.
Russia's state-owned oil firm Rosneft has agreed to supply up to 500,000 barrels per day (bpd) of crude oil to Indian upstream oil and gas major Reliance Industries (RIL) in the largest-ever energy deal between the two countries, Reuters reported on Thursday. The 10-year agreement amounts to 0.5 per cent of global oil supply and is valued at roughly $13 billion per year at current prices, it said.
The US is "pretty close" to reaching a "fair trade deal" with India, President Donald Trump has said, adding that he will lower the tariffs imposed on Indian goods at "some point".
'We need to be very vigilant as we are passing through some fraught times.'
Calling the community note on X "crap", Navarro alleged that Elon Musk is allowing "propaganda" and reiterated his accusations of India purchasing Russian oil only to make profits.
India's purchase of US crude oil has picked up in 2025 and could easily double their previous levels, government officials said on Wednesday. The surge comes in the wake of the then-incoming Donald Trump administration's announcement that it would consider hiking tariffs on a reciprocal basis, and pushed some countries, especially those with large trade surpluses with the US, to buy more of its energy.
Stock markets are likely to trade in a range-bound manner in a holiday-shortened week where trading activity of foreign investors, currency movement and global macroeconomic data announcements are expected to drive sentiments, analysts said. Several global markets may see subdued activity on account of Christmas and New Year holidays, an expert said.
'In the long run, India's strong growth story and reforms to make assets globally attractive will determine the rupee's resilience.'
Lutnick said that these countries have to understand that if "you want to sell to the US consumers, you've got to play ball with the President of the United States."
US Secretary of State Marco Rubio claims President Donald Trump was instrumental in bringing about the cessation of hostilities between India and Pakistan, a claim India has consistently denied.
China's ruling Communist Party is holding its annual leadership conclave to discuss the new five-year plan, the impact of US President Donald Trump's tariff war, and the ongoing anti-corruption crackdown in the military.
Former White House trade advisor Peter Navarro accuses India of being an 'oil money laundromat' for Russia, alleging that India's oil purchases are funding Putin's war in Ukraine. The accusations come amid existing trade tensions and tariffs imposed by the US.
Russian President Vladimir Putin will travel to India in December, Kremlin foreign policy aide Yuri Ushakov said. Putin will meet Prime Minister Narendra Modi on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit in China's Tianjin city to discuss the preparations for his visit to India.
The relations between New Delhi and Washington are on a downturn after Trump doubled tariffs on Indian goods to a whopping 50 per cent, including 25 per cent additional duties for India's purchase of Russian crude oil.
The collective West has always opposed strong leaders and economic development in India, asserts Colonel Anil A Athale (retd).
The weaker rupee will push the country's import bill due to higher payments for crude oil, coal, vegetable oil, gold, diamonds, electronics, machinery, plastics, and chemicals, economic think tank GTRI said on Friday. Citing an example, it said the depreciating domestic currency will increase India's gold import bill, especially as global gold prices have jumped 31.25 per cent, rising from $65,877 per kg in January 2024 to $86,464 per kg in January 2025.
Trump said California has been particularly "hard hit" because of this, blaming democrat Gavin Newsom, the Governor of California, for this loss, calling him "weak and incompetent."
India has strongly criticized the US and EU for their 'unjustified and unreasonable' targeting of New Delhi for its procurement of Russian crude oil, pointing out their own continued trade relations with Russia.
Investor sentiment across Asian markets has shifted sharply in August, reveals the latest Bank of America (BofA) Fund Manager Survey, which found global growth expectations retreating after three months of improvement.
In the last four years, India has significantly reduced its import of Iranian oil by volume from 16 per cent in 2008 to 10 per cent now, a US Congressional report has said.
The commerce ministry on Tuesday said the discussions with visiting US Chief Negotiator Brendan Lynch on the proposed bilateral trade agreement were positive and forward looking.
'Geopolitically and diplomatically it's a very difficult situation for India.'
India, China and other countries that have been cutting their oil imports from Iran have reached a point where it is "very very difficult" to reduce any further without seriously impacting their economies, US Secretary of State John Kerry has told lawmakers.
Tesla is set to officially enter the Indian market with the launch of its first experience center in Mumbai. The move follows leasing of warehousing space and discussions with the Indian government regarding tariffs and manufacturing.
The government is likely to give a subsidy of Rs 30,000-35,000 crore to state-run oil companies - Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) - to compensate for losses incurred from selling LPG at below cost over the past 15 months, according to a senior official.
'A deal will only be possible if India stops buying Russian oil -- but even then, New Delhi must not compromise its core red lines.'
India does not do trade agreements in a hurry or with a "gun to our head", Commerce and Industry Minister Piyush Goyal said on Friday. He said India is actively negotiating trade pacts with countries and regions, including the European Union (EU) and the US.
'Don't look at Russia only as a place to earn quickly and then leave.' 'Try to build experience in serious companies, skills and certifications that will serve you anywhere in the world.'
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