Two days after Russian President Vladimir Putin concluded his visit to India, during which he assured that Moscow would remain a reliable energy supplier, the Kremlin on Monday said that India, as a sovereign nation, is free to buy oil from sources it deems beneficial. It expressed confidence that New Delhi will continue to prioritise its economic interests.
Trump announced that India and the US agreed to a trade deal under which Washington will charge a reduced reciprocal tariff on Delhi, lowering it from 25 per cent to 18 per cent.
A United States missile strike has reportedly hit an educational facility in Khomeyn in central Iran, according to a report by Al Jazeera citing Iran's Mehr news agency. The site was identified as the Dr Hafez Khomeyni School.
Russia dominated Saudi Arabia in oil supplies as the world's fastest-growing major economy for fossil fuels in October, relegating the Kingdom to third place. Iraq was India's top oil supplier, according to the data from Vortexa. Saudi Arabia's decline in India's oil market has coincided with Russia's rise, and ironically occurred amid growing diplomatic ties between Riyadh and New Delhi. Saudi Crown Prince Mohammed bin Salman Al Saud is visiting India this month to meet Prime Minister Narendra Modi.
India's import of cheap Russian oil scaled another record in May and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the US, industry data showed. India took 1.96 million barrels a day from Russia in May, 15 per cent more than the previous high in April, according to data from energy cargo tracker Vortexa. Russia now makes up for nearly 42 per cent of all crude oil India imported in May.
From the 30-Sensex firms, Larsen & Toubro, Tech Mahindra, Tata Consultancy Services, Reliance Industries, Tata Steel, and Trent were among the biggest laggards. On the other hand, Eternal, ICICI Bank, Bajaj Finance, and Bharat Electronics were the gainers.
India has acquired a Russian oil company and bought equity stake in an oil field project in Venezuela through consortium route, the Rajya Sabha was informed on Tuesday.
Come December, India may have to re-evaluate purchases of Russian oil if a price cap on crude oil proposed by the US and the European Union (EU) comes into effect. That impacts nearly a quarter of India's oil purchases that come at a discount, helping limit marketing losses for India's state refiners and enabling New Delhi to manage inflation by freezing pump prices of motor fuels. In September, India imported 1 million barrels a day or 24 per cent of its overall imports from Russia, which became the biggest supplier of oil to India.
He said that the US is financially and from a national security standpoint 'far stronger' and more respected than ever before because of tariffs.
Israel and the United States had a plan. Iran punched back. And now the Gulf is reeling, the world is beginning to feel the pain and, as on date, no one in Washington or Tel Aviv appears willing to admit that the punch has landed, notes Prem Panicker, continuing his must-read blog on the war in the Middle East.
Travel disruptions following airspace closures in the Gulf have forced Daniil Medvedev and Andrey Rublev to miss an Indian Wells exhibition, while an ATP Challenger in Fujairah was cancelled amid security concerns.
The President said he made the decision in consultation with European allies but added they may not be in a position to join the US in banning Russian energy imports.
After the US Supreme Court struck down President Donald Trump's global tariffs, Congress leader Rahul Gandhi accused Prime Minister Narendra Modi of being "compromised", saying his "betrayal" in the India-US interim trade deal stood exposed.
From the 30-Sensex firms, HDFC Bank, Infosys, HCL Tech, Bajaj Finance, Tata Consultancy Services and Reliance Industries were among the biggest laggards. In contrast, Bharat Electronics, Hindustan Unilever, Tata Steel and UltraTech Cement were among the gainers.
'We are now awaiting a response from the US; they have to get back to us.'
The government has no say in where the country's refiners source oil from because these are commercial transactions.
Prime Minister Narendra Modi is deeply concerned by the war in Ukraine and his meeting with President Volodymyr Zelenskyy in New York demonstrates his commitment to finding a way forward and contributing in any way possible to a resolution of the conflict, Foreign Secretary Vikram Misri said.
What we are watching is something different: A fog manufactured and maintained by the people who started the war, so that the question of why it was started never has to be answered, observes Prem Panicker in his must read blog on the war in the Middle East.
The US Representative criticised the administration's new USD 100,000 fee on H-1B visas, observing that Indians hold 70 per cent of these visas and saying the change directly harms workers who have long supported US innovation across technology, science and medicine.
On the table are additional batches of S-400 surface-to-air missile systems from Russia, which India used with immense success during Operation Sindoor. India could buy at least two squadrons of Su-57 fighter jets plus joint production of S-500 air defence systems.
'Incidentally, Prime Minister (Modi) and President Trump have also spoken on the phone on eight occasions during 2025, covering different aspects of our wide-ranging partnership'
'The entire US ecosystem built over decades at the bases in the Gulf region, especially the UAE, costing trillions of dollars have been decimated, dealing a mortal blow to the US Central Command's war capability,' points out Ambassador M K Bhadrakumar.
US President Donald Trump announced a new global levy on imported items, resulting in a lower tariff rate for India, following a Supreme Court verdict against his previous sweeping tariffs.
China has reacted positively to Russian President Vladimir Putin's visit to India, emphasizing the importance of trilateral ties between China, Russia, and India for regional and global peace and stability.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
The US sees an opportunity to expand its strategic relationship with Pakistan but assures that it will not come at the expense of its ties with India, according to US Secretary of State Marco Rubio.
'Based on the joint statement, a formal agreement will be drafted, which may take a month or month-and-a-half to finalise. We aim to sign the formal agreement by mid-March.'
A US official has stated that India's continued purchase of Russian oil is a point of contention in the relationship between the two countries, as it helps fund Russia's war efforts in Ukraine.
'Without ground troops the US will not be able to oust the Iranian Islamic regime. Political change does not happen just by using bombs or planes.'
Indian officials will visit the US to finalise the legal text for an interim trade agreement, expected to be signed in March, focusing on duty concessions and reciprocal tariffs.
Reliance Industries cracked 4.42 per cent, while ITC, Kotak Mahindra Bank, InterGlobe Aviation, and HDFC Bank were also among the laggards. However, ICICI Bank, Sun Pharma, Hindustan Unilever, and State Bank of India were among the gainers.
His assertion came after Trump claimed that his "friend" PM Modi has assured him that India would stop purchasing oil from Russia, a move he described as a big step toward increasing pressure on Moscow over its invasion of Ukraine.
Representatives Deborah Ross of North Carolina, Marc Veasey of Texas and Raja Krishnamoorthi of Illinois introduced the resolution on Friday in the House of Representatives to terminate Trump's national emergency authorising tariffs of up to 50 per cent on imports from India, helping to restore Congress' constitutional authority over trade.
'We need to give Pakistan something serious to think about on its eastern front -- that is the only way to actually help Afghanistan right now.'
India and the US have entered a new phase in their relationship, marked by greater parity, point out Harsh V Pant and Vivek Mishra.
Oil producers cartel OPEC's share in India's oil imports fell to an all-time low of 46 per cent in April as purchases of cheaper Russian oil peaked, industry data showed. Organization of the Petroleum Exporting Countries (OPEC) nations, mainly in the Middle East and Africa, had a 72 per cent share of all crude oil India imported in April 2022. This share slid to 46 per cent in April 2023, according to energy cargo tracker Vortexa.
The White House trade adviser, Peter Navarro, on Sunday (local time) again added to his previous meltdown, after being corrected over spreading misinformation pertaining to India's purchase of Russian oil, by dismissing the community notes on X and accusing it of serving 'foreign interests' that meddle in domestic US economics and politics.
'Trump is likely being purposefully vague, hoping that this lack of clarity will pressure India, fearing the worst, to agree to scale back its imports of Russian oil.'
In a major setback to Trump's pivotal economic agenda for his second term, the US Supreme Court, in a 6-3 verdict written by Chief Justice John Roberts, ruled that the tariffs imposed by the president on nations around the world were illegal.
'India is cosying up to Xi Jinping. They don't need the Russian oil. It's a refining profiteering scheme.'
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