A few years ago, when top officials of Indian state-run refiners went to Dubai to negotiate a crude oil supply contract, a senior official from state-owned Saudi Aramco told them, "We can negotiate on anything, but I am the last man standing for you. "Nobody can offer the range of crudes we do with certainty," an official who was part of the negotiating team recalls. Perhaps that explains why Saudi Arabia is less concerned about losing its place as India's premier oil supplier to an upstart like Russia, which emerged from nowhere to become India's biggest crude oil supplier in September and October.
A spokesman for Gibraltar's government also confirmed that police proceedings against four members of the crew had ended.
'It is only because we were facing US threats that we were able to successfully develop a nuclear programme of our own.'
Exporters are readying back-up routes to send their shipments to the nations belonging to the Commonwealth of Independent States (CIS), including Russia, as the war in Ukraine continues to intensify. Three routes are being explored. The first is the China route using Qingdao port. The second is the International North-South Transport Corridor (INSTC) route that connects Mumbai to Moscow via Iran and Azerbaijan.
It is easy to foretell that negotiating a comprehensive and final agreement on the Iran nuclear issue is by no means an easy task. It involves hard negotiations, but the hardest step has been taken, says Ambassador M K Bhadrakumar, who was among the first group of foreigners to visit the the top-secret Arak plant hidden behind barren mountains south of Tehran.
National Security Advisor Ajit Doval on Wednesday said that the Shanghai Cooperation Organisation members should respect the sovereignty and territorial integrity and seek no unilateral military superiority in adjacent areas.
In the case of Iran, the lifting of sanctions has paved the way for direct relations.
The surge in oil prices has also affected the rupee, which hit a 6-week low of 70.25 on Friday against the dollar.
In a move that may thaw the 34-year-old icy relationship between the United States and Iran, US President Barack Obama on Friday called his Iranian counterpart Hassan Rouhani and "exchanged pleasantries" in a 15-minute conversation.
Tea planters and exporters are "extremely worried" over the possible impact on their shipments to Russia, India's second largest buyer of tea, in the wake of the Russia-Ukraine crisis. Western sanctions and disruption of payments in dollars as well as transhipments to Russia are expected as a fall-out of Russia launching an attack on Ukraine on Thursday. "The Russian market for Indian tea is extremely important as there are payment issues for shipments to Iran, another vital tea export destination. "Around 18 per cent of India's tea shipments go to Russia," India Tea Association chairperson Nayantara Palchoudhuri told PTI.
Like China, India too should connect the dots and move ahead with a long-term perspective in Afghanistan, advises Ambassador M K Bhadrakumar.
At a joint media briefing with Lavrov, Jaishankar listed issues such as "factors of instability" such as terrorism and its cross-border manifestation and said it remains a "major concern".
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
Speculation is rife that Xi is likely to make an attempt to initiate peace talks between Russia and Ukraine to end the ongoing conflict in Ukraine.
Oil has slumped from above $115 in June 2014 as shale oil from the United States has flooded the market
It is going to be a long-term proposition for India -- which has a decades-old relationship with Moscow -- to reorient its foreign policy away from Russia, the US has said, insisting that re-aligning one's approach is not like flipping a light switch.
The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
'Had a very fruitful meeting with Iranian defence minister Brigadier General Amir Hatami in Tehran. We discussed regional security issues including Afghanistan and the issues of bilateral cooperation,' Singh said in a tweet.
Dubbed as "Jobs Governor", Haley turned South Carolina's economy around during her tenure as governor and transforming the state into a manufacturing powerhouse. She cut taxes, repealed burdensome regulations, and turned South Carolina into "the Beast of the Southeast". Under her leadership, figures note, the state's unemployment rate hit a 15-year low, and when she left office, South Carolina was at full employment.
Regional States will be worried that the US's nascent engagement with the Taliban behind the fig leaf of humanitarian aid enables the return of US intelligence personnel to Afghanistan, observes Ambassador M K Bhadrakumar.
A lightweight in global sport, India is only behind Russia (167) and Italy (157), while Brazil (78) is at fourth and Iran (70) fifth.
There is no direct impact of the Russia-Ukraine crisis on India in terms of bilateral trade but a surge in oil prices poses considerable risk to the economy, an analyst report said on Friday. International oil prices which have surged past $100 per barrel "pose risks to external stability and currency movement," a Bank of Baroda Economics Research report said. Russia has launched military operations against Ukraine, stoking fears of significant disruption in the region, including loss of life. The West is ramping up financial sanctions against Russia and support for Ukraine.
India has decided to authorise the country's biggest lender SBI to promote rupee trade with Russia and soon Moscow will name its bank to operationalise the mechanism, exporters' body FIEO said on Wednesday. The RBI in July issued a detailed circular asking banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. Currently, a large part of bilateral trade between India and Russia is getting settled in rupee due to sanctions imposed by the US and Europe following Moscow's attack on Ukraine.
The Saudi and Iraq offer to replace Iranian crude supplies comes with a catch: Higher prices for the same quality of crude. The new government will face a tough decision over fuel price hike, says Aveek Sen.
Two-wheeler exports from India fell by 17.8 per cent to 3.65 million units in 2022-23 (FY23), according to data released by the Society of Indian Automobile Manufacturers (Siam) on Thursday. This decline is due to a rise in global inflation and the weakening of economies and currencies in key export markets of Africa, Latin America (LatAm), and South Asia. In contrast to FY23, two-wheeler exports from India jumped 35.4 per cent to 4.44 million units in 2021-22 (FY22).
BWith a distracted president brooding in the White House, Pompeo seems to think his day has come. He seems to be pushing a personal agenda before a target audience in America, observes Ambassador M K Bhadrakumar.
India is the second largest buyer of Iranian crude, after China.
Hundreds of protesters, mostly women, took to the streets following the death of Mahsa Amini -- a Kurd native, chanting anti-government slogans that target the core of the Islamic regime and its Supreme Leader Ayatollah Ali Khamenei.
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
With Iran reaching an agreement on its nuclear programme, India is expected to be one of the major gainers.
Salve was the lead counsel for India in the Jadhav case at the International Court of Justice which had last year ruled that Pakistan must review the death sentence awarded to the retired naval officer after a closed trial.
The fault line between the West and Russia has widened into a deep chasm and this is likely to endure in the foreseeable future. Far from forcing its way into the European tent, Russia may be reduced to the status of an even more sullen and weakened bystander on its periphery. The US appears to have won this hand with little cost to itself, observes former foreign secretary Shyam Saran.
Trump's tweet came a day after he reluctantly signed into law a bill imposing tough sanctions against Moscow under mounting domestic pressure.
Petroleum minister M Veerappa Moily would like to import 11 million tonnes of Iranian crude in this financial year.
A change in the name of the Al Qaeda in the Indian Subcontinent (AQIS) magazine 'suggests a refocusing' of the terror group from Afghanistan to Kashmir, a United Nations report has said.
Beijing was caught by surprise as Kishida, who was on an official visit to New Delhi from March 19-21, entered Poland from India using a secretly chartered plane instead of the standard government aircraft, Japanese TV channel NHK reported.
On February 24, when Vladimir Putin announced a military operation on Ukraine, few would have thought that Indian government-owned GAIL India would feel the impact. The tensions over gas supplies were essentially a Europe-Russia problem, related to the sanctions western economies imposed on Moscow. But the EU depends on Russian imports for 40 per cent of its gas stocks, an over-dependence that Russia has underlined with Kremlin-owned Gazprom cutting its supplies through the Nord Stream 1 pipeline to 20 per cent, citing maintenance issues.
In her first interview to CNN-IBN's Suhasini Haider after taking over as the US Ambassador to India in April 2012, Nancy J Powell, compared India's 'lower'oil cuts unfavourably to Japan that has already received an American sanction waiver after it cut oil imports by a whopping 80 per cent in April. India has announced a 34 per cent cut so far.
With satisfactory progress of monsoon rainfalls prompting farmers to bring in additional area under basmati sowing, prices are set to fall lower going forward.
