In a major shift in Middle Eastern energy and security dynamics, the US Department of the Treasury on Monday issued a temporary 60-day general licence authorising transactions related to the production, delivery, and sale of Iranian crude oil, petrochemicals, and petroleum products.
Senior Congress leader Shashi Tharoor has articulated India's position on BRICS, advocating for it to be a "non-West, but not anti-West" platform, a stance he believes is crucial for India's national interest. He highlighted the prestige of hosting the BRICS summit, India's responsibility to represent the Global South, and the significance of bilateral meetings, particularly with China and Russia. Tharoor also addressed the strained India-China relations, citing border issues and trade leverage, and discussed the challenges within BRICS, including difficulties in achieving consensus on global issues and trade imbalances, while also considering the need for diversified international relations amidst unpredictable US sanctions.
US Secretary of State Marco Rubio on Tuesday said the United States would prefer to end its extension of waivers on Russian oil "as soon as possible", while noting that such decisions ultimately rest with the US Treasury Department.
India-US ties may be strained, but abandoning the relationship is not the answer; India must deal with Washington firmly without becoming either servile or hostile, asserts Ambassador T P Sreenivasan.
Indian benchmark indices Sensex and Nifty experienced declines in early trade, influenced by the escalating US-Iran standoff and persistently high crude oil prices, with experts predicting increased volatility.
Iranian President Masoud Pezeshkian arrived in New Delhi for the BRICS summit, where he is scheduled to hold bilateral talks with Prime Minister Narendra Modi to enhance trade and strengthen overall relations. His visit is particularly significant given the heightened tensions in West Asia and recent US economic sanctions against Iran. Pezeshkian highlighted BRICS' role in fostering economic resilience and reducing dependence on the US dollar, while the summit itself aims to address global challenges and bolster collective resilience in critical sectors.
Russian President Vladimir Putin asserted that any attempts to undermine India's sovereignty through 'threats of sanctions' would 'boomerang immediately' under Prime Minister Narendra Modi's leadership, highlighting India's sovereign decision-making and strong national interests.
Iranian President Masoud Pezeshkian declared that Iran will not succumb to "bullying" from the US and Israel, vowing to protect national interests amidst escalating West Asian hostilities. During his visit to New Delhi for the BRICS summit, Pezeshkian also discussed strengthening bilateral ties with Prime Minister Narendra Modi and advocated for local currencies in BRICS trade, positioning Iran as a strategic energy and transport partner.
The Chintan Shivir is expected to discuss the progress of government schemes, policy implementation, time management, inter-ministerial coordination, and public service delivery, among others.
How long can the Cockroach Janta Party remain an agitationist force? asks Saisuresh Sivaswamy.
India's Russian crude oil imports reached a five-month low in September, dropping to 1.75 million barrels per day, as Indian refiners strategically diversify their energy supplies amidst evolving geopolitical landscapes and robust domestic demand, according to ship tracking data.
Prime Minister Narendra Modi cautioned against the 'weaponisation' of technology and critical minerals at the BRICS summit, advocating for cooperation to foster shared prosperity. Concurrently, Chinese President Xi Jinping announced plans for an open-source AI ecosystem for BRICS nations, positioning Beijing as a key technology partner amid global AI competition.
Iranian President Masoud Pezeshkian concluded his visit to India for the 18th BRICS Summit, announcing that Iran and the UAE agreed to move past previous tensions. This diplomatic breakthrough occurred during talks with Abu Dhabi's Crown Prince on the summit sidelines. Pezeshkian also met with PM Modi to discuss bilateral ties and West Asia developments, with Modi emphasising dialogue for regional peace. The BRICS summit adopted the New Delhi Declaration 2026, calling for global governance reforms and de-escalation in West Asia.
India successfully facilitated a significant diplomatic meeting between Iranian President Masoud Pezeshkian and UAE Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan on the sidelines of the BRICS Summit in New Delhi. This interaction, a diplomatic breakthrough given ongoing West Asia conflicts, occurred as BRICS adopted a declaration urging restraint and protection of civilians in the region, highlighting the bloc's commitment to peace and stability.
India has become a significant supplier of gasoline to Russia, with Indian refiners providing 1 million barrels in the last two months, as Ukrainian drone attacks severely disrupt Russia's domestic fuel production.
The challenge for India lies in navigating complex landscape to its best advantage. The BRICS Summit will test its navigation skills, asserts former foreign secretary Shyam Saran.
The Supreme Court has refused to quash proceedings under the Prevention of Corruption Act against former NSE MD and CEO Chitra Ramkrishna, stating that the trial court will determine whether she can be considered a 'public servant' under the Act.
India has removed a key regulatory hurdle, allowing exporters to receive payments in Indian currency while retaining incentives under the country's foreign trade policy, a move aimed at promoting wider use of the rupee in international trade.
'In the current environment, India is effectively paying a premium for supply security and diversification.'
Indian benchmark indices, Sensex and Nifty, recovered intraday losses to close higher, driven by late-day buying and a significant decline in Brent crude oil prices, which fell 3 per cent to USD 89.32 per barrel.
The US has informed allies it will avoid new military strikes on Iran, instead focusing on economic sanctions and maritime enforcement, particularly in the Strait of Hormuz. This strategic shift aims to intensify pressure on Tehran's economy and oil exports while keeping the military option open if Iran initiates aggression. Diplomatic efforts continue amidst persistent regional tensions and maritime incidents.
The US senate last week passed a bill that would allow Washington to impose tariffs on major buyers of Russian energy.
Investors should cap gold allocation at 10-15 per cent and consider staggered purchases through gold ETFs.
It is plain to see that the US senate bill's real objective is to derail India's time-tested strategic partnership with Russia, points out Ambassador M K Bhadrakumar.
New Delhi must look for formal, institutional statements issued directly from Washington rather than rely on casual pronouncements meant for local audiences, notes Ambassador Rajasekhar.
The European Union on Wednesday got the go-ahead to hit the United States with a record $4.04 billion in trade sanctions in a long-running row over tax breaks for major exporting firms, trade officials said.
The bill, introduced on Thursday, was conceived by Democrat Senator Richard Blumenthal and late Republican Senator Lindsey Graham and has the support of over 60 lawmakers.
The United States has imposed sanctions on at least half a dozen Indian companies accused of trading in Iranian petroleum and petrochemicals as part of broader action targeting 20 entities worldwide.
The United States argued that it had not had an outbreak of high pathogenic avian flu since 2004, while India had 90 such outbreaks between 2004 and 2014
A US federal government commission has raised concerns about the state of religious freedom in India, recommending its designation as a 'Country of Particular Concern' and suggesting targeted sanctions.
The harsh truth is that the US is no longer a reliable partner, cautions Ramesh Menon.
The Indian nationals sanctioned include Varun Pula, who owns Marshall Islands-based Bertha Shipping Inc., which owns and operates Comoros-flagged vessel PAMIR.
India has seized three US-sanctioned oil tankers linked to Iran and increased surveillance in its maritime zone to curb illicit trade.
The United States conducted retaliatory strikes against Iran, targeting over 80 sites, after accusing Tehran of attacking commercial vessels in the Strait of Hormuz, while Iran condemned the US decision to revoke a temporary suspension of sanctions on Iranian oil sales.
Formerly Iran's second-largest oil customer, Indian financial institutions were forced to withhold crude oil payments following the 2018 US sanctions.
India has rejected a report by the US Commission on International Religious Freedom (USCIRF) that criticised India's record on religious freedom and called for linking US security assistance and trade to improvements in this area.
India has successfully evacuated 59 vessels, including 23 Indian-flagged and 36 foreign-flagged ships carrying cargo for India, from the Strait of Hormuz since March 1, 2026, amid fresh attacks and declining shipping traffic, Shipping Minister Sarbananda Sonowal informed the Rajya Sabha.
The US has seized an oil tanker, 'Skywave', linked to Iran in the Indian Ocean, as part of efforts to disrupt Iran's oil shipments and enforce sanctions. The vessel was part of a network transporting sanctioned Iranian crude oil, with the seizure occurring amid heightened tensions between Washington and Tehran.
Tensions in West Asia have dramatically escalated as Israel launched targeted military operations against Iran, triggering widespread blasts across strategic cities, following earlier Iranian projectile attacks on Israel.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
