India is set to reduce its direct imports of Russian crude from late November, following new US sanctions on Rosneft and Lukoil, effective November 21.
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.
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.
Rahul Gandhi accuses the government of compromising India's energy security by allowing the US to dictate oil supply relationships, raising concerns about the impact of global conflicts on India's energy access.
Much will depend on how the protagonists use the current interlude to work proactively for the beginning of a durable settlement or, on the contrary, prepare for a new round of escalation, points out Ambassador M K Bhadrakumar.
India's crude oil imports from Russia saw a marginal decline in September, but continued to account for over one-third of the country's total oil purchases, despite US pressure to curb the trade over concerns that it supports Moscow's war effort in Ukraine. India's crude imports in September were around 4.7 million barrels per day, up 220,000 bpd month-on-month and flat year-on-year.
United States President Donald Trump on Tuesday boasted about India-US defence cooperation, claiming that India's order for 68 Apache attack helicopters was delayed by five years and that Prime Minister Narendra Modi personally raised concerns over the long delivery period during a meeting with him.
An Indian worker from Odisha was killed and two others were injured in a drone attack by Ukraine in the Moscow region. The deceased, A Rameya, was working at an oil refinery. Efforts are underway to repatriate his body.
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.
Analysts predict India will face oil price volatility and macroeconomic effects due to the escalating Iran crisis, though the country's oil supply chain is not yet structurally insecure.
A trade deal makes sense only if it is fair and reciprocal. If the cost is strategic dependence or loss of policy space, waiting is the wiser option, asserts Ajay Srivastava.
At Kolga Aabla, the closest beach to her grandmother's home, at the edge of a birch forest, we immersed her balance ashes. It was a sombre, precious day for both of us. But a day that also brought long-needed closure. My mother's spirit, chained for so many years in a Parkinson's-locked body, was free. But my father came back from the beach a visibly older man.
There is no cause for concern, as the overall situation arising out of the crisis is firmly under control, the Centre informed while briefing political parties at the all-party meet.
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.
Trump, delivering remarks at the House GOP Member Retreat, also claimed that "Prime Minister Modi came to see me, 'Sir, may I see you please'. Yes."
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.
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.
United States President Donald Trump yet again claimed to have discussed with Prime Minister Narendra Modi about India's import of Russian oil, he told reporters on Tuesday after the Diwali celebrations at the Oval Office.
Is the current rally telegraphing a durable peace plan in West Asia, boosted by United States (US) President Donald Trump's incoherent and contradictory posts on social media?
The Indian rupee weakened against the US dollar due to rising crude oil prices, geopolitical tensions in the Middle East, and foreign fund outflows.
United States Senator Lindsey Graham on Sunday claimed that Indian Ambassador to the US Vinay Mohan Kwatra spoke to him last month about India buying less Russian oil and asked him to tell President Donald Trump to relieve the 25 per cent tariff.
Taking advantage of a Russian offer to sell its crude oil cheap and bear the cost of insurance and transportation, India may import as much as 2 million tonnes (mt), or roughly 15 million barrels of crude, from the sanctioned nation in 2022, Business Standard has learnt. This comes after reports that Indian Oil Corporation (IOC) bought 3 million barrels of Russian Urals from trader Vitol for May delivery. This will be on cost, insurance and freight (CIF) model, where the seller incurs the costs and pays the freight, including insurance charges.
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.
A US trade representative described India as a 'tough nut to crack' during trade agreement negotiations in Washington, highlighting India's protection of its agricultural markets and the ongoing discussions on specific commodities.
In the wake of the FTA between India and the European Union, the United States has described the Europeans as 'very disappointing', saying they were unwilling to join Washington, DC in putting tariffs on New Delhi for its purchases of Russian oil because of this trade deal.
The India-US ties witnessed a major downturn after President Trump slapped a whopping 50 per cent tariff on Indian goods, including a 25 per cent punitive levy over Russian oil purchases.
India and the US have reported positive progress in recent trade talks in Washington, agreeing to maintain engagement to finalise a bilateral trade agreement, which now requires recalibration following new US tariffs.
Following the seizure, Moscow issued a strong condemnation asserting that no country has the right to use force against vessels lawfully registered under another state's jurisdiction, particularly on the high seas.
India's merchandise exports experienced a slight decrease in February, while imports surged due to increased gold and silver purchases, leading to a widened trade deficit. The West Asia crisis is expected to further impact trade in the coming months.
Moody's Ratings has reduced India's GDP growth forecast for 2026 to 6 per cent, citing subdued private consumption, capital formation, and industrial activity due to higher energy costs and global uncertainties.
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.
As stringent sanctions imposed by the European Union and US are crippling business and trade, desperate Russian oil companies are offering huge discounts to India, provided a payment mechanism to bypass the SWIFT ban is quickly approved by the government. According to sources familiar with the development, Russian oil firms are offering 25-27 per cent discount to the dated Brent crude prices. State-run Rosneft is one the biggest oil companies that supply crude to India.
There is no payment problem for Russian crude, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday. He said there is no proposal to cut retail fuel prices at the moment. Addressing a press conference, the minister said India enjoys a buyers' position and foreign suppliers are approaching Indian companies with offers to sell oil.
Modi also said that President Trump's leadership is vital for global peace, stability, and prosperity.
'India should understand that we are not going to make the same mistakes with India that we made with China 20 years ago.'
Chief negotiators from India and the US are set to begin three-day talks in Washington to recalibrate the bilateral trade agreement (BTA) framework, following significant changes in the US tariff landscape, including a new 10 per cent tariff imposed on all countries.
India has stated it will wait for the outcome of the elections in Bangladesh and the resulting mandate before addressing any existing issues. The country also affirmed its support for free, fair, inclusive, and credible elections in Bangladesh.
The US-China rapprochement, however tenuous, is not without implications for India. Both China and Pakistan have become closer to the US, notes Ambassador T P Sreenivasan.
Delhi must now purge the delusional hopes of being a 'counterweight' to China in the US calculus, argues Ambassador M K Bhadrakumar.
A 500 per cent tariff would effectively shut out India's goods and services exports to the US.
