<p data-changed="false" data-paragraphid="10">As history has shown us, markets do rebound after a war. But the world hasn't learned from history how to forecast the conclusion of a conflict or its consequences.</p>

<p data-changed="false" data-paragraphid="13">The invasion of Ukraine by Russia has caused global markets to tumble.</p>

<p data-changed="false" data-paragraphid="14">Despite accounting for less than 2% of global trade, Russia and Ukraine dominate many commodities: the region supplies 37% of global palladium, 17% of natural gas, 13% of wheat, 12% of oil, and 9% of nickel.<br />
<br />
<a href="https://www.wionews.com/world/watch-war-in-ukraine-is-a-crime-russian-pilot-tells-passengers-461786"><strong>Watch | War in Ukraine ‘is a crime’: Russian pilot tells passengers&nbsp;</strong></a></p>

<p data-changed="false" data-paragraphid="15">As the European Union and the US impose punishing sanctions on Russian business and commerce, its desperate oil corporations are promising India substantial discounts in exchange for the government speedily approving a payment system to circumvent the SWIFT embargo.</p>

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<h5>Russia has asked India to increase its investments in the sanctioned country's oil and gas sector, as well as to develop Russian companies' sales networks in Asia's third-largest economy.</h5>
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<p>According to people acquainted with the situation, Russian oil producers are offering a 25-27% discount on dated Brent crude prices.</p>

<p data-changed="false" data-paragraphid="17">Rosneft, a state-owned oil company, is already one of India's largest crude suppliers.</p>

<p data-changed="false" data-paragraphid="18">Significantly, Rosneft and Indian Oil Corporation signed a contract for the supply of up to 2 million tonnes of oil to India through the port of Novorossiysk by the end of 2022 during Russian President Vladimir Putin's visit to India in December last year. So that was just two months before Putin's forces invaded Ukraine.</p>

<p data-changed="false" data-paragraphid="19">India has been attempting to diversify its oil import sources away from the Middle East by turning to Russia and the US.&nbsp;</p>

<p data-changed="false" data-paragraphid="20">India is debating whether or not to accept Russia's offer of discounted crude oil, but there are many variables to consider.</p>

<p data-changed="false" data-paragraphid="21">While cheap oil is a boon to India's economy at a time when global crude prices are at their highest since 2008, Western sanctions against Russia are likely to make it difficult to accept Moscow's offer.&nbsp;</p>

<p data-changed="false" data-paragraphid="22">On Wednesday, Finance Minister Nirmala Sitharaman said "a whole lot of factors" will decide on the import of Russian oil to India. The finance minister said Russia reached out to India to offer surplus oil at a discounted rate over the last two to three days.</p>

<p data-changed="false" data-paragraphid="23">"There was an open offer over the last two-three days that Russia was giving it (crude oil) at some sort of discounted price, but we don’t know how it can be of effect because a whole lot of factors will have to be weighed in, we will have to get it from some port to ship it to India, and whether it is workable," Sitharaman said.</p>

<p data-changed="false" data-paragraphid="24">Russia is currently the world's second-largest crude oil producer, trailing only the US and Saudi Arabia, but this ranking can change at any time.</p>

<p data-changed="false" data-paragraphid="25">And if it starts giving India cheaper petroleum, it will undoubtedly benefit the Indian economy.</p>

<p data-changed="false" data-paragraphid="26">Discounted oil will clearly be a blessing for India's economy at a time when global crude prices have risen to their highest levels since 2008.</p>

<p data-changed="false" data-paragraphid="27">The problem, though, is that the West's strong sanctions against Russia are likely to make it impossible for India to accept Moscow's proposition.<br />
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<em>(With inputs from agencies)</em></p>


As history has shown us, markets do rebound after a war. But the world hasn't learned from history how to forecast the conclusion of a conflict or its consequences.

As history has shown us, markets do rebound after a war. But the world hasn't learned from history how to forecast the conclusion of a conflict or its consequences. The invasion of Ukraine by Russia has caused global markets to tumble. Despite accounting for less than 2% of global trade, Russia and Ukraine dominate many commodities: the region supplies 37% of global palladium, 17% of natural gas, 13% of wheat, 12% of oil, and 9% of nickel. Watch | War in Ukraine ‘is a crime’: Russian pilot tells passengers As the European Union and the US impose punishing sanctions on Russian business and commerce, its desperate oil corporations are promising India substantial discounts in exchange for the government speedily approving a payment system to circumvent the SWIFT embargo. Russia has asked India to increase its investments in the sanctioned country's oil and gas sector, as well as to develop Russian companies' sales networks in Asia's third-largest economy. × According to people acquainted with the situation, Russian oil producers are offering a 25-27% discount on dated Brent crude prices. Rosneft, a state-owned oil company, is already one of India's largest crude suppliers. Significantly, Rosneft and Indian Oil Corporation signed a contract for the supply of up to 2 million tonnes of oil to India through the port of Novorossiysk by the end of 2022 during Russian President Vladimir Putin's visit to India in December last year. So that was just two months before Putin's forces invaded Ukraine. India has been attempting to diversify its oil import sources away from the Middle East by turning to Russia and the US. India is debating whether or not to accept Russia's offer of discounted crude oil, but there are many variables to consider. While cheap oil is a boon to India's economy at a time when global crude prices are at their highest since 2008, Western sanctions against Russia are likely to make it difficult to accept Moscow's offer. On Wednesday, Finance Minister Nirmala Sitharaman said "a whole lot of factors" will decide on the import of Russian oil to India. The finance minister said Russia reached out to India to offer surplus oil at a discounted rate over the last two to three days. "There was an open offer over the last two-three days that Russia was giving it (crude oil) at some sort of discounted price, but we don’t know how it can be of effect because a whole lot of factors will have to be weighed in, we will have to get it from some port to ship it to India, and whether it is workable," Sitharaman said. Russia is currently the world's second-largest crude oil producer, trailing only the US and Saudi Arabia, but this ranking can change at any time. And if it starts giving India cheaper petroleum, it will undoubtedly benefit the Indian economy. Discounted oil will clearly be a blessing for India's economy at a time when global crude prices have risen to their highest levels since 2008. The problem, though, is that the West's strong sanctions against Russia are likely to make it impossible for India to accept Moscow's proposition. (With inputs from agencies)

Russia needs a market for its oil and India could benefit, but...

<p>The National Green Tribunal has issued notice to two public sector oil companies asking them whether they use any diesel vehicle which is more than 10-years-old, while allowing registration of new BS-IV compliant ones for transporting petrol or petroleum products.</p>

<p>A bench headed by NGT Chairperson Justice Swatanter Kumar sought the response from Indian Oil Corporation Limited and Bharat Petroleum Corporation Ltd and asked for their reply by January 9.</p>

<p>The direction came while hearing a batch of petitions filed by various contractors seeking registration of new BS-IV compliant diesel vehicles purchased for transport of petrol from company depots to identified petrol pumps in Delhi-NCR.</p>

<p>The contractors had moved NGT after the tribunal had last year passed an order banning the registration of new diesel vehicles as well as re-registration after 10 years.</p>

<p>Later, the Supreme Court had also banned registration of diesel-run SUVs and cars having engine capacity beyond 2000cc in Delhi and National Capital Region.</p>

<p>Due to this, the transport department was not registering the newly procured vehicles, which conform to BS-IV norms and not re-registering the old vehicles, the plea had said.</p>

<p>The green panel had last week directed the applicants to file an affidavit stating that they do not own any diesel vehicle which is more than 10-years old and the new vehicles will not be used for &quot;private purposes&quot;.</p>

<p>&quot;All these vehicles will be fitted with GPS system and log book shall be maintained. It will be certified that these vehicles are BS-IV compliant before the registering authority.</p>

<p>&quot;Upon being satisfied of the above, registering authority of transport department shall be permitted to register these vehicles in accordance with the law,&quot; the bench said.&nbsp;</p>

<p>(PTI)</p>


A bench seeks to know whether Indian Oil and Bharat Petroleum corporations use any diesel vehicle which is more than a decade old

The National Green Tribunal has issued notice to two public sector oil companies asking them whether they use any diesel vehicle which is more than 10-years-old, while allowing registration of new BS-IV compliant ones for transporting petrol or petroleum products. A bench headed by NGT Chairperson Justice Swatanter Kumar sought the response from Indian Oil Corporation Limited and Bharat Petroleum Corporation Ltd and asked for their reply by January 9. The direction came while hearing a batch of petitions filed by various contractors seeking registration of new BS-IV compliant diesel vehicles purchased for transport of petrol from company depots to identified petrol pumps in Delhi-NCR. The contractors had moved NGT after the tribunal had last year passed an order banning the registration of new diesel vehicles as well as re-registration after 10 years. Later, the Supreme Court had also banned registration of diesel-run SUVs and cars having engine capacity beyond 2000cc in Delhi and National Capital Region. Due to this, the transport department was not registering the newly procured vehicles, which conform to BS-IV norms and not re-registering the old vehicles, the plea had said. The green panel had last week directed the applicants to file an affidavit stating that they do not own any diesel vehicle which is more than 10-years old and the new vehicles will not be used for "private purposes". "All these vehicles will be fitted with GPS system and log book shall be maintained. It will be certified that these vehicles are BS-IV compliant before the registering authority. "Upon being satisfied of the above, registering authority of transport department shall be permitted to register these vehicles in accordance with the law," the bench said. (PTI)

Air pollution: Tribunal issues notice to leading energy companies

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Russia needs a market for its oil and India could benefit, but...

Air pollution: Tribunal issues notice to leading energy companies