India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022.
The US Coast Guard seized a Russian oil tanker, the Marinera, in the North Atlantic. The crew includes three Indian citizens. Moscow has protested the seizure, calling it a violation of international maritime law and demanding humane treatment of the crew.
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 President Donald Trump has said Prime Minister Narendra Modi 'knew he was not happy' with India's purchases of Russian oil and that Washington, DC can raise tariffs on New Delhi 'very quickly'.
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.
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.
After a three-month slowdown, India's oil imports (already landed) from Russia bounced back in the first 15 days of October to 1.8 million barrels per day.
'India should understand that we are not going to make the same mistakes with India that we made with China 20 years ago.'
India was the world's biggest importer of Russian oil in February, exceeding China by 20 million barrels.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
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.
India's crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation's insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa. Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January.
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."
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.
Urals and Sokol accounted for every 4 out of 5 barrels of Russian supplies to India last year.
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.
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.
US President Donald Trump and Russian President Vladimir Putin discussed the Iran conflict and its impact on global energy supplies during a phone call.
Modi also said that President Trump's leadership is vital for global peace, stability, and prosperity.
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.
We know in our heart that speaking the truth on this stupid Iran war will anger Trump and so we look the other way because if we look him in the eye the bully will straighten us out, asserts Aakar Patel.
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.
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.
The turning point came with the appointment of Sergio Gor as the US ambassador to India.
If the conflict continues for a prolonged period, State-run oil companies may have to review retail fuel prices accordingly.
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.
The Indian government has directed oil refineries to increase LPG production to ensure a stable supply of domestic cooking gas, amidst concerns over potential disruptions from the escalating Middle East conflict and its impact on imports.
The agreement addresses non-tariff barriers and promotes increased trade in technology products and cooperation between the two countries.
Prime Minister Narendra Modi stayed calm, avoided public confrontation, and focused on India's long-term interests to steady ties with the United States.
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.
US President Donald Trump greeted India on its 77th Republic Day, highlighting the historic bond between the two democracies amid ongoing trade tensions.
When missiles fly in this region, they are never just aimed at military targets.
A 500 per cent tariff would effectively shut out India's goods and services exports to the US.
India and the US have agreed to a trade deal that will see Washington reduce reciprocal tariffs on Indian goods from 25% to 18%, according to US President Donald Trump. The deal also includes commitments from India to reduce tariffs and non-tariff barriers against the US and to increase purchases of American products.
The US said India will lower tariffs on a "vast array" of American industrial and agricultural goods, such as "fruits, vegetables", to zero per cent under the trade deal announced by President Donald Trump.
US President Donald Trump asserted that the trade deal with India remains intact despite a Supreme Court ruling against his tariffs, while also claiming he used tariffs to stop a war between India and Pakistan.
Domestic equities surged on Tuesday, posting their best single-day gains in more than eight months after a long-awaited trade deal between India and the US. The deal, which lowered tariffs on Indian goods to 18 per cent from 50 per cent, significantly improved investor sentiment and lifted a key overhang for the market.
AICC President Mallikarjun Kharge criticised Prime Minister Narendra Modi's relationship with US President Donald Trump, alleging that Modi is acting as Trump's 'slave' and jeopardising India's interests on trade, oil and foreign policy.
The unexpected missile attack on a second India-bound ship carrying Russian crude, just three weeks after the first, has complicated matters for domestic refiners. India now counts the Vladimir Putin-led nation as its biggest oil supplier, according to Paris-based market intelligence agency Kpler, and these attacks come on top of US sanctions since December, where vessels that bring crude to India are facing heightened scrutiny. Panama-registered Pollux, which loaded crude at the Sheshkaris oil terminal in the Russian port of Novorossiysk on January 24, was scheduled to deliver the medium, sour Urals grade to Paradip port on February 28.
India's imports of crude oil from Russia touched a new high of 1.64 million barrels per day in March and is now double of the purchases from Iraq - the nation's traditional top oil supplier. But the purchases appear to have plateaued as growth has slowed. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a sixth straight month by supplying more than one-third of all oil India imported, according to energy cargo tracker Vortexa.
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