State Bank of India (SBI) is willing to work with Russian banks not facing sanctions and remain on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to open a special rupee vostro account (SRVA) for invoicing in Indian currency. The country's largest lender in a statement said it has not been identified as the nodal bank for handling Russia-related transactions. In July, the Reserve Bank of India (RBI) allowed banks in India, including SBI, to open an SRVA to promote invoicing in Indian rupee, subject to certain safeguards. Accordingly, the bank in a statement said it is "making necessary arrangements and processing requests received from various banks, including Russian banks", following guidelines laid out by the RBI.
ONGC was the top loser in the Sensex pack, ending 3.48 per cent lower. Tata Steel, Vedanta, Bajaj Auto, TechM, RIL, Hero MotoCorp, Kotak Bank, Axis Bank, and Infosys too fell up to 2.33 per cent.
Fourteen of the 15 Council members voted for the American draft resolution which would give the 'occupying\npowers' control of the country's oil resources, which they have promised to use for the benefit of the Iraqi people.
The rising dependence on discounted crude oil has resulted in India's trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India's maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold - from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
India on Thursday described as 'matter of serious concern' reports that said some members of the Indian community in Canadian province of British Columbia received 'extortion calls'.
An influential Republican senator has asked India to "just quit" buying oil from sanctions-hit Iran.
Keeps open the option to make payments in yen or yuan in the face of sanctions
The government is buying out the shares of India Ports Global, which are now held in a 60-40 ratio by the JNPT and Deendayal Port Trust in Kandla.
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
India imported goods worth $4.23 billion in June from sanctions-hit Russia, up 6.8 times as compared to last year, as demand for shipments of crude oil grew at the fastest pace during the month. Crude oil worth $3.02 billion was imported in June, which translates into a share of 71 per cent of the total imports from Russia, commerce and industry ministry data showed. Similarly, during the April-June quarter, India's imports from Russia were valued at $9.27 billion, up 369 per cent on year.
An oil crisis is set to further hit the fragile global economy.
OPEC's move to cut output has pushed up oil prices. From here it could go either way: oil could reach $100/barrel or an analysis of demand and supply might follow, say Abheek Barua & Bidisha Ganguly.
Cover inadequate for even one refinery.
Faced with soaring demand, stagnant output at home and a need to diversify from Iranian crude imports lost to Western sanctions, Indian oil companies are hungry for deals like Oil and Natural Gas Corporation's ( ONGC's) Kashagan buy that promise supplies sooner rather than later.
Had it not been for the slow but sure emergence of China as a threat to the western order, would India have been accepted as a near-equal partner by individual western nations, jointly and severally, questions N Sathiya Moorthy.
Western sanctions aimed at crippling Iranian finances by drying up buyers for its crude oil, had last year banned insurance cover to ships carrying Iranian oil.
Oil accounts for about a third of India's total imports and higher dollar prices combined with a rupee near all-time lows have increased its cost.
Afraid of US sanctions, State Bank declines payment facilitation for oil imports from Iran.
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.
From February to mid-March, oil prices receded rapidly.
US Secretary of State Hillary Clinton on Monday urged India to do "even more" to cut its purchases of oil from sanctions-hit Iran to keep pressure on that country to o prove its nuclear programme is peaceful.
'Elections are fought to win.' 'In our party, the leadership takes the final decision, and our leaders are very clear about it.'
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
India has slashed import of crude oil from Iran by over 26.5 per cent in the financial year ended March 31 as US and European sanctions made it difficult to ship oil from the Persian Gulf nation.
India, the official said, has a long history of relations with Russia. They have interests with Russia that go back many, many decades.
India, with the increases already made in the January-March loading plans from Iran, has to cut its purchases of the crude to about 110,000 barrels per day.
A senior government official says the idea is to facilitate mutually beneficial ways to keep the supply going.
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.
United States Secretary of State Hillary Clinton has said that India, along with countries like China and Turkey, is taking steps to reduce its dependency on Iranian oil.
Russia's unprecedented rapprochement with North Korea has raised concerns about the re-emergence of a Russia-China-North Korea alliance which could increase the probability of conflict on the Korean Peninsula, explains Dr Rajaram Panda.
They have been named for their stake in the Farsi offshore block.
India has been looking at ways to switch from dollar as the US and EU have imposed sanctions on Iran's oil industry and financial institutions.
US, EU have shut down the use of their financial systems for Iranian crude trade.
Krishna emphasised that India takes decision taking into consideration its domestic energy requirements.
Iran's seizure of a British-flagged oil tanker was allegedly due to a collision with an Iranian fishing boat, Iran's official news agency IRNA said.
It is time the political leaderships in this country arrived at a common ground over issues of foreign and security policy concerns. There has to be a greater communication between the government and the Opposition leaderships for the nation to present a unified face against the rest of the world, advises N Sathiya Moorthy.
Plenty of other factors are likely to keep a lid on prices.
Foreign policy is always a work in progress and ups and downs are built into foreign policy process. What is permanent is national interest. Hopefully, this year, which will also witness general elections in the country, will also clear clouds in the foreign policy horizon, observes Rup Narayan Das.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
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