The United States has ended a key sanctions waiver that previously allowed certain countries to continue buying Russian seaborne oil. The decision raises major questions for global energy markets, India’s oil imports, Russia’s export revenues, and fuel prices worldwide. In this edition of World Business Watch, we break down what the end of the waiver means for India, Russia, and the U.S., and whether global oil markets are heading toward fresh volatility.

Washington Lets Key Russia Oil Exemption End 

It has almost become daily drama for Donald Trump to school Europe on the purchase of Russian oil, but he never talks about Russian gas. Why? Russian gas continues to flow into several European nations, and stopping the supply would mean winter woes for its citizens, who could revolt. In spite of the US president rapping China and India over Russian oil purchases and asking Europe to put sanctions on the same, he won't talk about gas purchases. Let us expose this hogwash.<h2>Why Europe still buys Russian gas in spite of the Ukraine war</h2>Since Russia invaded Ukraine in February 2022, the West has imposed sweeping sanctions on Russian fossil fuel imports, with the European Union (EU), G7, and UK blacklisting Russian crude oil. Refined products like diesel and jet fuel are also targeted with price caps and import bans. The UK and US no longer import Russian oil or gas. But one major energy stream remains flowing nearly uninterrupted to Europe: Russian gas.As of 2024, Europe was still importing over 50 billion cubic metres of Russian gas per year. This means Russia remains one of the continent’s top suppliers. That may be the reason why Trump only ever mentions oil, but not gas.Also read: <a href="https://www.wionews.com/world/eu-plans-to-increase-tariffs-on-russian-oil-imports-1758735386222">EU plans to increase tariffs on Russian oil imports</a><h2>Russia’s grip on Europe’s gas supply remains unbroken</h2>Before the war, in 2021, Russia supplied nearly 155 billion cubic metres (bcm) of gas to the EU, which was nearly 45 per cent of the bloc’s total gas imports. After the war, most EU member countries diversified their energy sources: expanding to Norway, the US, Algeria, and Qatar. Pipeline routes like Nord Stream (which was sabotaged) and Yamal-Europe are shut. The Ukraine transit corridor (which used to facilitate the supply of Russian gas to Europe) ended operations in January this year.Also read: <a href="https://www.wionews.com/world/-we-don-t-want-to-punish-india-us-tells-india-to-buy-oil-from-anywhere-just-not-russia-1758781214297">'We don’t want to punish India': US tells India to buy oil from 'anywhere, just not Russia'</a>Despite all this, Russia still exported roughly 52 bcm of natural gas to Europe in 2024: around 31.6 bcm via pipelines and another 20 bcm as liquefied natural gas (LNG). The main gas pipeline is the TurkStream, operated via Turkey, and the LNG is shipped to terminals in France, Spain, Belgium, and the Netherlands. For context, Belgium hosts the EU headquarters, and France is at the forefront of opposing Russia and defending Ukraine rhetorically.Russian gas still made up nearly 19 per cent of total EU gas imports in 2024, at the peak of anti-Russia rhetoric from Europe. Russia was only the second-largest supplier of gas to Europe, after Norway. In fact, EU imports of Russian LNG actually increased in 2024, up 14 per cent year-on-year, according to the Centre for Research on Energy and Clean Air (CREA) and European Commission data.&nbsp;Are you getting the drift?<h2>Russian LNG: The loophole that Europe won’t close, because it can't</h2>Not just the war, but the sabotage of the Nord Stream pipeline and the expiration of transit contracts are the aspects that changed how Europe bought its energy. Interesting to note here that the Nord Stream pipeline investigation also appears practically sabotaged, with some reports pointing to Ukraine's involvement.<a href="https://www.wionews.com/videos/russia-destroys-ukraine-s-military-site-iskander-ballistic-missiles-rain-fire-1758857759496/embed">https://www.wionews.com/videos/russia-destroys-ukraine-s-military-site-iskander-ballistic-missiles-rain-fire-1758857759496/embed</a>Liquefied Natural Gas, which is shipped by sea and not tied to fixed pipelines, has streamed into Europe from Russia unabated.European countries continue to take delivery of Russian LNG at their top ports. France, in fact, received the largest share in 2024, while Spain and Belgium also maintained steady import volumes. The EU imported a total of around 17.5 million tonnes, or around 20 bcm, of Russian LNG in 2024.Current EU sanctions have not made these LNG trades illegal. Russian gas imports are enabled by Western shipping and insurance firms. And, even though Britain stopped direct energy imports from Russia entirely, UK-based insurers and EU-flagged vessels remain heavily involved in facilitating Russian LNG shipments.<h2>Europe tried diversification, yet Russian gas still flows into it</h2>Since the Ukraine invasion, Europe has scrambled to diversify its supply of gas. As of 2024, Norway sold more than 91 bcm to the EU, which is roughly 33 per cent of total imports. American LNG made up about 48 per cent of the EU’s total LNG purchases. Algeria, Qatar, and Azerbaijan have also increased their exports to the EU.But Europe is yet to be fully free of Russian gas imports. Central and Eastern European countries — mainly Austria, Hungary, and Slovakia — continue to receive pipeline gas via TurkStream, with these three nations alone accounting for the majority of Russian pipeline gas delivered to the EU in early 2025.Also read: <a href="https://www.wionews.com/world/-india-china-are-primary-funders-of-russia-s-war-against-ukraine-trump-s-sensational-claim-at-unga-1758639576307">'India, China are PRIMARY funders of Russia's war against Ukraine': Trump's sensational claim at UNGA</a>Germany, Poland, France, and the Baltic states have eliminated direct pipeline imports from Russia, but Germany and France still receive Russian LNG through terminals. In some cases, that LNG is later re-exported within the EU internal market. This is a kind of round-tripping, in which Russian gas molecules are still traded broadly across the European continent.<h2>Why Trump doesn’t talk about Russian gas while blowing his horn on Russian oil</h2>Trump has slammed European countries, especially Germany, for relying on Russian energy, often citing German dependence on Nord Stream, and blaming EU nations for "funding" the war in Ukraine through fossil fuel payments. But ever wondered why these attacks almost always focus on oil, but not on gas?In fact, Russian oil has already been largely cut off by Europe, but not Russian gas. If Trump talked about gas, it would expose the uncomfortable truth: that Europe still sends billions of euros to Russia each year for energy.<h2>Why hasn't Europe sanctioned Russian gas?</h2>Clear answer: It's tough to replace gas supplies overnight. Gas remains a vital source of energy security for several EU countries. Gas is a politically sensitive issue. Russian gas is widely used for domestic heating, industrial manufacturing, electricity generation, and even fuelling buses and commercial vehicles in some regions. Western leaders, including Trump, are reluctant to confront its use head-on.<h2>Russia-Ukraine war is still funded through the gas pump</h2>Despite all the choreographed political drama by Trump and European leaders, the facts are clear: the EU still buys tens of billions of euros worth of gas from Russia every year. In 2024 alone, Russian pipeline gas generated around €11 billion to €13 billion in export revenue, while LNG added another €9 billion to €10 billion.European energy policy would be vulnerable if it stops gas imports from Russia. This explains the selective silence around gas. As long as Russian gas continues to power European homes and factories, the West’s economic war on Putin remains only a paper tiger.Hope you understood the hypocrisy. &nbsp;

Despite sanctions on Russian oil, Europe still imports billions of cubic metres of Russian gas. Billions of euros from this trade are quietly funding Russia's war in Ukraine. Trump attacks oil purchases but stays silent on gas. Let's expose this hypocricy

It has almost become daily drama for Donald Trump to school Europe on the purchase of Russian oil, but he never talks about Russian gas. Why? Russian gas continues to flow into several European nations, and stopping the supply would mean winter woes for its citizens, who could revolt. In spite of the US president rapping China and India over Russian oil purchases and asking Europe to put sanctions on the same, he won't talk about gas purchases. Let us expose this hogwash. Why Europe still buys Russian gas in spite of the Ukraine war Since Russia invaded Ukraine in February 2022, the West has imposed sweeping sanctions on Russian fossil fuel imports, with the European Union (EU), G7, and UK blacklisting Russian crude oil. Refined products like diesel and jet fuel are also targeted with price caps and import bans. The UK and US no longer import Russian oil or gas. But one major energy stream remains flowing nearly uninterrupted to Europe: Russian gas. As of 2024, Europe was still importing over 50 billion cubic metres of Russian gas per year. This means Russia remains one of the continent’s top suppliers. That may be the reason why Trump only ever mentions oil, but not gas. Also read: EU plans to increase tariffs on Russian oil imports Russia’s grip on Europe’s gas supply remains unbroken Before the war, in 2021, Russia supplied nearly 155 billion cubic metres (bcm) of gas to the EU, which was nearly 45 per cent of the bloc’s total gas imports. After the war, most EU member countries diversified their energy sources: expanding to Norway, the US, Algeria, and Qatar. Pipeline routes like Nord Stream (which was sabotaged) and Yamal-Europe are shut. The Ukraine transit corridor (which used to facilitate the supply of Russian gas to Europe) ended operations in January this year. Also read: 'We don’t want to punish India': US tells India to buy oil from 'anywhere, just not Russia' Despite all this, Russia still exported roughly 52 bcm of natural gas to Europe in 2024: around 31.6 bcm via pipelines and another 20 bcm as liquefied natural gas (LNG). The main gas pipeline is the TurkStream, operated via Turkey, and the LNG is shipped to terminals in France, Spain, Belgium, and the Netherlands. For context, Belgium hosts the EU headquarters, and France is at the forefront of opposing Russia and defending Ukraine rhetorically. Russian gas still made up nearly 19 per cent of total EU gas imports in 2024, at the peak of anti-Russia rhetoric from Europe. Russia was only the second-largest supplier of gas to Europe, after Norway. In fact, EU imports of Russian LNG actually increased in 2024, up 14 per cent year-on-year, according to the Centre for Research on Energy and Clean Air (CREA) and European Commission data. Are you getting the drift? Russian LNG: The loophole that Europe won’t close, because it can't Not just the war, but the sabotage of the Nord Stream pipeline and the expiration of transit contracts are the aspects that changed how Europe bought its energy. Interesting to note here that the Nord Stream pipeline investigation also appears practically sabotaged, with some reports pointing to Ukraine's involvement. https://www.wionews.com/videos/russia-destroys-ukraine-s-military-site-iskander-ballistic-missiles-rain-fire-1758857759496/embed Liquefied Natural Gas, which is shipped by sea and not tied to fixed pipelines, has streamed into Europe from Russia unabated. European countries continue to take delivery of Russian LNG at their top ports. France, in fact, received the largest share in 2024, while Spain and Belgium also maintained steady import volumes. The EU imported a total of around 17.5 million tonnes, or around 20 bcm, of Russian LNG in 2024. Current EU sanctions have not made these LNG trades illegal. Russian gas imports are enabled by Western shipping and insurance firms. And, even though Britain stopped direct energy imports from Russia entirely, UK-based insurers and EU-flagged vessels remain heavily involved in facilitating Russian LNG shipments. Europe tried diversification, yet Russian gas still flows into it Since the Ukraine invasion, Europe has scrambled to diversify its supply of gas. As of 2024, Norway sold more than 91 bcm to the EU, which is roughly 33 per cent of total imports. American LNG made up about 48 per cent of the EU’s total LNG purchases. Algeria, Qatar, and Azerbaijan have also increased their exports to the EU. But Europe is yet to be fully free of Russian gas imports. Central and Eastern European countries — mainly Austria, Hungary, and Slovakia — continue to receive pipeline gas via TurkStream, with these three nations alone accounting for the majority of Russian pipeline gas delivered to the EU in early 2025. Also read: 'India, China are PRIMARY funders of Russia's war against Ukraine': Trump's sensational claim at UNGA Germany, Poland, France, and the Baltic states have eliminated direct pipeline imports from Russia, but Germany and France still receive Russian LNG through terminals. In some cases, that LNG is later re-exported within the EU internal market. This is a kind of round-tripping, in which Russian gas molecules are still traded broadly across the European continent. Why Trump doesn’t talk about Russian gas while blowing his horn on Russian oil Trump has slammed European countries, especially Germany, for relying on Russian energy, often citing German dependence on Nord Stream, and blaming EU nations for "funding" the war in Ukraine through fossil fuel payments. But ever wondered why these attacks almost always focus on oil, but not on gas? In fact, Russian oil has already been largely cut off by Europe, but not Russian gas. If Trump talked about gas, it would expose the uncomfortable truth: that Europe still sends billions of euros to Russia each year for energy. Why hasn't Europe sanctioned Russian gas? Clear answer: It's tough to replace gas supplies overnight. Gas remains a vital source of energy security for several EU countries. Gas is a politically sensitive issue. Russian gas is widely used for domestic heating, industrial manufacturing, electricity generation, and even fuelling buses and commercial vehicles in some regions. Western leaders, including Trump, are reluctant to confront its use head-on. Russia-Ukraine war is still funded through the gas pump Despite all the choreographed political drama by Trump and European leaders, the facts are clear: the EU still buys tens of billions of euros worth of gas from Russia every year. In 2024 alone, Russian pipeline gas generated around €11 billion to €13 billion in export revenue, while LNG added another €9 billion to €10 billion. European energy policy would be vulnerable if it stops gas imports from Russia. This explains the selective silence around gas. As long as Russian gas continues to power European homes and factories, the West’s economic war on Putin remains only a paper tiger. Hope you understood the hypocrisy.

Despite sanctions on Russian oil, Europe still imports billions of cubic metres of Russian gas. Billions of euros from this trade are quietly funding Russia's war in Ukraine. Trump attacks oil purchases but stays silent on gas. Let's expose this hypocricy

IT'S ALL GAS: Why Trump schools Europe on Russian oil only, but is silent on gas sales to Europe that quietly funds Russia

The European Commission said on Wednesday (September 24) that it is planning to increase the tariffs on Russian oil imports. The measure is expected to be part of the upcoming 19th package of sanctions targeting Russia. This came after US President Donald Trump demanded that Europe end energy imports from Moscow before agreeing to move ahead with punishing sanctions against Moscow over the war in Ukraine.&nbsp;The EU has cut around 90 percent of its oil imports from Russia since Moscow's invasion launched on Ukraine in 2022.&nbsp;Read more: <a href="https://www.wionews.com/india-news/-india-begged-pakistan-won-islamabad-is-living-in-delusion-its-textbook-featuring-operation-sindoor-proves-it-1758712916257">‘India begged, Pakistan won’: Islamabad is living in delusion, its textbook featuring Operation Sindoor proves it</a>&nbsp;Addressing the United Nations General Assembly (UNGA) on Tuesday (Sep 23), United States President Donald Trump said that China and India are the "primary funders" of the ongoing Russian war in Ukraine. &nbsp;Trump also demanded that European allies, including NATO countries, immediately stop buying oil from Russia.&nbsp;“China and India are the primary funders of the ongoing war by continuing to purchase Russian oil,” Trump said in his address at the General Debate of the 80th session of the UN General Assembly. ”I found out a week ago that even NATO nations are funding a war. Even NATO countries have not cut off Russian energy," he said while addressing the 80th session of the United Nations General Assembly in New York City. It's embarrassing to them, and it was very embarrassing to them when I found out about it. ... They (European countries) have to immediately cease all energy purchases from Russia. Otherwise, we're all wasting a lot of time," Trump added.&nbsp;EU chief Ursula von der Leyen told Trump at a meeting at the United Nations on Tuesday that Brussels wanted "to put tariffs on oil supplies that are still coming to the European Union".&nbsp;"We will, in due course, present what we have in mind on this," EU spokesman Olof Gill said Wednesday.

The EU has cut around 90 percent of its oil imports from Russia since Moscow invasion launched on Ukraine in 2022. 

The European Commission said on Wednesday (September 24) that it is planning to increase the tariffs on Russian oil imports. The measure is expected to be part of the upcoming 19th package of sanctions targeting Russia. This came after US President Donald Trump demanded that Europe end energy imports from Moscow before agreeing to move ahead with punishing sanctions against Moscow over the war in Ukraine. The EU has cut around 90 percent of its oil imports from Russia since Moscow's invasion launched on Ukraine in 2022. Read more: ‘India begged, Pakistan won’: Islamabad is living in delusion, its textbook featuring Operation Sindoor proves it Addressing the United Nations General Assembly (UNGA) on Tuesday (Sep 23), United States President Donald Trump said that China and India are the "primary funders" of the ongoing Russian war in Ukraine. Trump also demanded that European allies, including NATO countries, immediately stop buying oil from Russia. “China and India are the primary funders of the ongoing war by continuing to purchase Russian oil,” Trump said in his address at the General Debate of the 80th session of the UN General Assembly. ”I found out a week ago that even NATO nations are funding a war. Even NATO countries have not cut off Russian energy," he said while addressing the 80th session of the United Nations General Assembly in New York City. It's embarrassing to them, and it was very embarrassing to them when I found out about it. ... They (European countries) have to immediately cease all energy purchases from Russia. Otherwise, we're all wasting a lot of time," Trump added. EU chief Ursula von der Leyen told Trump at a meeting at the United Nations on Tuesday that Brussels wanted "to put tariffs on oil supplies that are still coming to the European Union". "We will, in due course, present what we have in mind on this," EU spokesman Olof Gill said Wednesday.

The EU has cut around 90 percent of its oil imports from Russia since Moscow's invasion launched on Ukraine in 2022.&nbsp;

EU plans to increase tariffs on Russian oil imports

After US President Donald Trump pressed NATO allies to stop buying Russian oil in order to pressurise Moscow to end conflict with Ukraine and threatened to impose 50 to 100 per cent tariffs on China until Russia halts the war, Chinese Foreign Minister, Wang Yi &nbsp;on Saturday (Sep 13) said, “China does not participate in wars or plot them”.&nbsp;Yi, in a joint press conference with his Slovenian counterpart in Ljubljana said, "War cannot solve problems, and sanctions only complicate them".&nbsp;What Trump said&nbsp;On Saturday, Trump in a lengthy post on Truth Social had said that Washington was prepared to hammer Russia with sanctions only if European partners stopped purchases of Russian oil and joined in coordinated action.&nbsp;He further said that NATO should levy punitive tariffs on China, which “has a strong control, and even grip, over Russia, and these powerful Tariffs will break that grip.”&nbsp;Also Read: <a href="https://www.wionews.com/world/another-conflict-brewing-taiwan-detects-large-scale-chinese-military-presence-including-31-aircraft-near-its-territory-1757823617960">Another conflict brewing? Taiwan detects large-scale Chinese military presence, including 31 aircraft near its territory</a>&nbsp;The high, punitive tariffs should remain in force until the war ends and be “fully withdrawn” on restoration of peace, he added.&nbsp;Notably, Washington has imposed tariffs on India for buying Russian oil, but surprisingly it has not penalised China, which considers Russia a vital strategic partner.&nbsp;Earlier, Trump had called on the European Union (EU) to hit China and India with tariffs of up to 100% to force Russian President Vladimir Putin to end the war in Ukraine.&nbsp;He made the demand during a meeting between US and EU officials last Tuesday while discussing options to increase economic pressure on Russia.&nbsp;&nbsp;

On Saturday, Trump in a lengthy post on Truth Social had said that Washington was prepared to hammer Russia with sanctions only if European partners stopped purchases of Russian oil.

After US President Donald Trump pressed NATO allies to stop buying Russian oil in order to pressurise Moscow to end conflict with Ukraine and threatened to impose 50 to 100 per cent tariffs on China until Russia halts the war, Chinese Foreign Minister, Wang Yi on Saturday (Sep 13) said, “China does not participate in wars or plot them”. Yi, in a joint press conference with his Slovenian counterpart in Ljubljana said, "War cannot solve problems, and sanctions only complicate them". What Trump said On Saturday, Trump in a lengthy post on Truth Social had said that Washington was prepared to hammer Russia with sanctions only if European partners stopped purchases of Russian oil and joined in coordinated action. He further said that NATO should levy punitive tariffs on China, which “has a strong control, and even grip, over Russia, and these powerful Tariffs will break that grip.” Also Read: Another conflict brewing? Taiwan detects large-scale Chinese military presence, including 31 aircraft near its territory The high, punitive tariffs should remain in force until the war ends and be “fully withdrawn” on restoration of peace, he added. Notably, Washington has imposed tariffs on India for buying Russian oil, but surprisingly it has not penalised China, which considers Russia a vital strategic partner. Earlier, Trump had called on the European Union (EU) to hit China and India with tariffs of up to 100% to force Russian President Vladimir Putin to end the war in Ukraine. He made the demand during a meeting between US and EU officials last Tuesday while discussing options to increase economic pressure on Russia.

On Saturday, Trump in a lengthy post on Truth Social had said that Washington was prepared to hammer Russia with sanctions only if European partners stopped purchases of Russian oil.

'China doesn’t plot wars': Chinese foreign minister takes jibe at Trump amid 100% tariff threat

Oil prices ticked higher on Thursday, regaining some ground after sliding to two-month lows in the previous session. As per Reuters, the rebound comes ahead of a high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin, which has injected fresh geopolitical risk premiums into the market.&nbsp;At 0057 GMT, Brent crude futures rose 28 cents, or 0.43 per cent, to $65.91 a barrel, while US West Texas Intermediate (WTI) crude gained 23 cents, or 0.37 per cent, to $62.89. Both benchmarks had plunged to their weakest levels since June after bearish supply forecasts from the US government and the International Energy Agency (IEA).&nbsp;The Trump–Putin meeting, set for Friday in Alaska, has emerged as a focal point for traders. On Wednesday, Trump warned of “severe consequences” if Putin failed to agree to a peace settlement in Ukraine. While he did not specify the measures, he has previously threatened fresh economic sanctions should talks prove fruitless.<h2>Geopolitics and Fed policy provide support</h2>According to Rystad Energy, the uncertainty surrounding the US–Russia peace talks is fuelling a bullish risk premium, as Russian oil buyers could face greater economic pressure if tensions escalate. Adding to the upside, markets are now pricing in near certainty that the US Federal Reserve will cut interest rates in September. As quoted by Reuters, the CME FedWatch tool shows a 99.9 per cent probability of a quarter-point cut, with some investors expecting an aggressive half-point move given recent weak US jobs data. Treasury Secretary Scott Bessent has also signalled that deeper cuts are possible.&nbsp;A weaker dollar, hovering near multi-week lows against the euro and sterling has further supported oil, making crude cheaper for holders of other currencies. Lower borrowing costs are generally seen as a boost for energy demand.<h2>Inventory build and supply forecasts cap gains</h2>However, gains in oil prices were tempered by a surprise build in US crude inventories. The US Energy Information Administration reported an increase of 3 million barrels for the week ended August 8, against expectations in a Reuters poll for a 275,000-barrel draw.&nbsp;Meanwhile, the IEA has forecast that global oil supply in 2025 and 2026 will grow faster than previously anticipated. As per Reuters, the agency cited higher production from OPEC+ and robust output from non-OPEC producers as key factors.&nbsp;With geopolitical tensions, central bank policy shifts, and supply-demand forecasts all in play, oil markets are expected to remain volatile heading into the Trump–Putin meeting. (With inputs from the agencies)

Brent and WTI crude gained on Thursday after recent sharp declines, buoyed by geopolitical tensions ahead of US and Russia peace talks in Alaska and expectations of a September US Fed rate cut. Markets remain volatile amid uncertainty over the outcome of the Trump–Putin meeting.

Oil prices ticked higher on Thursday, regaining some ground after sliding to two-month lows in the previous session. As per Reuters, the rebound comes ahead of a high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin, which has injected fresh geopolitical risk premiums into the market. At 0057 GMT, Brent crude futures rose 28 cents, or 0.43 per cent, to $65.91 a barrel, while US West Texas Intermediate (WTI) crude gained 23 cents, or 0.37 per cent, to $62.89. Both benchmarks had plunged to their weakest levels since June after bearish supply forecasts from the US government and the International Energy Agency (IEA). The Trump–Putin meeting, set for Friday in Alaska, has emerged as a focal point for traders. On Wednesday, Trump warned of “severe consequences” if Putin failed to agree to a peace settlement in Ukraine. While he did not specify the measures, he has previously threatened fresh economic sanctions should talks prove fruitless. Geopolitics and Fed policy provide support According to Rystad Energy, the uncertainty surrounding the US–Russia peace talks is fuelling a bullish risk premium, as Russian oil buyers could face greater economic pressure if tensions escalate. Adding to the upside, markets are now pricing in near certainty that the US Federal Reserve will cut interest rates in September. As quoted by Reuters, the CME FedWatch tool shows a 99.9 per cent probability of a quarter-point cut, with some investors expecting an aggressive half-point move given recent weak US jobs data. Treasury Secretary Scott Bessent has also signalled that deeper cuts are possible. A weaker dollar, hovering near multi-week lows against the euro and sterling has further supported oil, making crude cheaper for holders of other currencies. Lower borrowing costs are generally seen as a boost for energy demand. Inventory build and supply forecasts cap gains However, gains in oil prices were tempered by a surprise build in US crude inventories. The US Energy Information Administration reported an increase of 3 million barrels for the week ended August 8, against expectations in a Reuters poll for a 275,000-barrel draw. Meanwhile, the IEA has forecast that global oil supply in 2025 and 2026 will grow faster than previously anticipated. As per Reuters, the agency cited higher production from OPEC+ and robust output from non-OPEC producers as key factors. With geopolitical tensions, central bank policy shifts, and supply-demand forecasts all in play, oil markets are expected to remain volatile heading into the Trump–Putin meeting. (With inputs from the agencies)

Oil prices rebounded from two-month lows as traders weighed geopolitical risks from the upcoming Trump–Putin meeting, potential US rate cuts, and mixed supply signals.

Oil prices recover from two-month lows ahead of Trump–Putin talks

Despite US President Donald Trump's newly imposed penalties on top of a 25 per cent tariff for its trade relations with Russia, Indian oil refiners, as per reports, continue to source oil from Russian suppliers, suggest reports. The Indian oil refiners' decision is reportedly based on the price, grade of crude, inventories, logistics, and other economic factors and has nothing to do with the prevailing political atmosphere. Previously, on Friday (Aug 1), speaking on similar lines, MEA spokesperson Randhir Jaiswal, while speaking about media reports that some Indian oil firms had paused Russian imports, said he was not aware of any such developments. He noted that India's broad approach to energy sourcing requirements depends on "what is available in the market and the prevailing global situation."<h2>Why is Russian oil in the headlines, and what does India have to do with it?</h2>On Thursday (Jul 31), Trump signed an executive order imposing new tariffs on dozens of its trade partners. This included a 25 per cent tariff rate and a penalty on India. The tariffs come amid growing criticism from Washington over India's continued imports of discounted Russian oil, despite Western sanctions related to the Ukraine war.However, as per an ANI report citing sources, despite US' pressure, India continues to source oil from Russian suppliers. As per the report, this is because Moscow is the world's second-largest crude oil producer with an output of around 9.5 mb/d (nearly 10 per cent of global demand). It is also the second-largest exporter, shipping about 4.5 mb/d of crude and 2.3 mb/d of refined products. In March 2022, amid fears of Russian oil getting pushed out of the market, Brent crude prices soared to US $137 per barrel."In this challenging environment, India, as the world’s third-largest energy consumer with 85% crude oil import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms," said the news agency's unnamed sources. They added that Russian oil has never been sanctioned. Instead, the nation was subjected to a G7/EU price cap mechanism that is designed to limit revenue while making sure global supplies flowed uninterrupted. Calling India's purchases legitimate and in line with international norms, they added that "Had India not absorbed discounted Russian crude combined with OPEC+ production cuts of 5.86 mb/d, global oil prices could have surged well beyond the March 2022 peak of US$137/bbl, intensifying inflationary pressures worldwide".This, they said, means that India's energy decisions, while being guided by the nation's interests, also contributed positively to global energy stability and kept oil flowing, prices stable, and markets balanced, while fully respecting international frameworks.

Despite the US' pressure, India continues to source oil from Russian suppliers. As per the report, among other things, this is because Moscow is the world's second-largest crude oil producer and also the second-largest exporter.

Despite US President Donald Trump's newly imposed penalties on top of a 25 per cent tariff for its trade relations with Russia, Indian oil refiners, as per reports, continue to source oil from Russian suppliers, suggest reports. The Indian oil refiners' decision is reportedly based on the price, grade of crude, inventories, logistics, and other economic factors and has nothing to do with the prevailing political atmosphere. Previously, on Friday (Aug 1), speaking on similar lines, MEA spokesperson Randhir Jaiswal, while speaking about media reports that some Indian oil firms had paused Russian imports, said he was not aware of any such developments. He noted that India's broad approach to energy sourcing requirements depends on "what is available in the market and the prevailing global situation." Why is Russian oil in the headlines, and what does India have to do with it? On Thursday (Jul 31), Trump signed an executive order imposing new tariffs on dozens of its trade partners. This included a 25 per cent tariff rate and a penalty on India. The tariffs come amid growing criticism from Washington over India's continued imports of discounted Russian oil, despite Western sanctions related to the Ukraine war. However, as per an ANI report citing sources, despite US' pressure, India continues to source oil from Russian suppliers. As per the report, this is because Moscow is the world's second-largest crude oil producer with an output of around 9.5 mb/d (nearly 10 per cent of global demand). It is also the second-largest exporter, shipping about 4.5 mb/d of crude and 2.3 mb/d of refined products. In March 2022, amid fears of Russian oil getting pushed out of the market, Brent crude prices soared to US $137 per barrel. "In this challenging environment, India, as the world’s third-largest energy consumer with 85% crude oil import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms," said the news agency's unnamed sources. They added that Russian oil has never been sanctioned. Instead, the nation was subjected to a G7/EU price cap mechanism that is designed to limit revenue while making sure global supplies flowed uninterrupted. Calling India's purchases legitimate and in line with international norms, they added that "Had India not absorbed discounted Russian crude combined with OPEC+ production cuts of 5.86 mb/d, global oil prices could have surged well beyond the March 2022 peak of US$137/bbl, intensifying inflationary pressures worldwide". This, they said, means that India's energy decisions, while being guided by the nation's interests, also contributed positively to global energy stability and kept oil flowing, prices stable, and markets balanced, while fully respecting international frameworks.

Despite the US' pressure, India continues to source oil from Russian suppliers. As per the report, among other things, this is because Moscow is the world's second-largest crude oil producer and also the second-largest exporter.

India defies Trump’s oil penalties, continues Russian imports: Report

On Thursday, Oil prices inched higher, supported by renewed optimism over US-led trade negotiations and a steeper-than-expected drop in American crude stockpiles. As US President Donald Trump’s recent tariff deal with Japan raised hopes of a broader easing of global trade tensions, markets remained cautiously upbeat. As per Reuters, Brent crude futures inched by 24 cents, or 0.4 per cent, to $68.75 a barrel by 0032 GMT. Meanwhile, US West Texas Intermediate (WTI) crude rose by 25 cents, or 0.4 per cent, to $65.50 per barrel. Though oil markets had remained subdued earlier in the week but the tide turned after the US and Japan reached a significant trade agreement. The deal spares Tokyo from new American auto import tariffs in exchange for a $550 billion package of investments and loans flowing into the US economy, as per Reuters.&nbsp;“Buying was driven by optimism that progress in tariff negotiations with the US would help avoid a worst-case scenario,” said Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, as quoted by Reuters. However, Kikukawa cautioned that crude gains may remain capped due to ongoing uncertainty around US-China trade talks and the fragile status of Russia–Ukraine peace negotiations. He further predicted that WTI prices are likely to stay range-bound between $60 and $70 per barrel.<h2>EU-US deal in the works?</h2>Adding to the upbeat tone, two European diplomats told Reuters that the US and the European Union are inching closer to a separate trade pact. The potential deal could include a baseline 15 per cent tariff on EU goods, with provisions for exemptions. This follows the Japan breakthrough and signals Washington’s strategy of building economic alliances to consolidate influence.<h2>US crude stockpiles fall</h2>On the supply front, US inventory data released by the Energy Information Administration (EIA) provided further support for oil prices. According to Reuters, US crude inventories fell by 3.2 million barrels last week to 419 million barrels. That drawdown was double the market expectation of a 1.6 million-barrel decline, indicating stronger-than-anticipated domestic demand.<h2>Impact of sanctions on Russian oil&nbsp;</h2>On Wednesday, peace talks between Russia and Ukraine were held in Istanbul, focusing on prisoner exchanges. However, a breakthrough on ceasefire terms or a direct summit between leaders appears distant, as per Reuters.&nbsp; Meanwhile, oil flows from Russia’s main Black Sea ports were temporarily disrupted. Industry sources told Reuters that new regulations effectively halted shipments from Kazakhstan via a key export consortium that includes American energy firms. Meanwhile, the US is considering broader energy sanctions.&nbsp;On Tuesday, the US Energy Secretary signalled that Washington may impose fresh sanctions on Russian oil in an effort to bring the Ukraine war to an end. The EU, on its part, adopted an 18th sanctions package on Friday, which includes lowering the price cap for Russian crude exports.&nbsp;(With inputs from the agencies)&nbsp;

On Wednesday, peace talks between Russia and Ukraine were held in Istanbul, focusing on prisoner exchanges. However, a breakthrough on ceasefire terms or a direct summit between leaders appears distant, as per Reuters.

On Thursday, Oil prices inched higher, supported by renewed optimism over US-led trade negotiations and a steeper-than-expected drop in American crude stockpiles. As US President Donald Trump’s recent tariff deal with Japan raised hopes of a broader easing of global trade tensions, markets remained cautiously upbeat. As per Reuters, Brent crude futures inched by 24 cents, or 0.4 per cent, to $68.75 a barrel by 0032 GMT. Meanwhile, US West Texas Intermediate (WTI) crude rose by 25 cents, or 0.4 per cent, to $65.50 per barrel. Though oil markets had remained subdued earlier in the week but the tide turned after the US and Japan reached a significant trade agreement. The deal spares Tokyo from new American auto import tariffs in exchange for a $550 billion package of investments and loans flowing into the US economy, as per Reuters. “Buying was driven by optimism that progress in tariff negotiations with the US would help avoid a worst-case scenario,” said Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, as quoted by Reuters. However, Kikukawa cautioned that crude gains may remain capped due to ongoing uncertainty around US-China trade talks and the fragile status of Russia–Ukraine peace negotiations. He further predicted that WTI prices are likely to stay range-bound between $60 and $70 per barrel. EU-US deal in the works? Adding to the upbeat tone, two European diplomats told Reuters that the US and the European Union are inching closer to a separate trade pact. The potential deal could include a baseline 15 per cent tariff on EU goods, with provisions for exemptions. This follows the Japan breakthrough and signals Washington’s strategy of building economic alliances to consolidate influence. US crude stockpiles fall On the supply front, US inventory data released by the Energy Information Administration (EIA) provided further support for oil prices. According to Reuters, US crude inventories fell by 3.2 million barrels last week to 419 million barrels. That drawdown was double the market expectation of a 1.6 million-barrel decline, indicating stronger-than-anticipated domestic demand. Impact of sanctions on Russian oil On Wednesday, peace talks between Russia and Ukraine were held in Istanbul, focusing on prisoner exchanges. However, a breakthrough on ceasefire terms or a direct summit between leaders appears distant, as per Reuters. Meanwhile, oil flows from Russia’s main Black Sea ports were temporarily disrupted. Industry sources told Reuters that new regulations effectively halted shipments from Kazakhstan via a key export consortium that includes American energy firms. Meanwhile, the US is considering broader energy sanctions. On Tuesday, the US Energy Secretary signalled that Washington may impose fresh sanctions on Russian oil in an effort to bring the Ukraine war to an end. The EU, on its part, adopted an 18th sanctions package on Friday, which includes lowering the price cap for Russian crude exports. (With inputs from the agencies)

Global crude markets steady amid US-Japan tariff deal, Russia-Ukraine tensions, and surprise inventory drawdown

Oil prices rise on US trade optimism, sharp fall in crude stockpiles

UK is investigating dozens of firms suspected of breaching sanctions on Russian oil, introduced after Moscow’s invasion of Ukraine in 2022, reports BBC. Most of the accused businesses hail from the maritime insurance industry. The UK broadcaster also revealed that no fines were imposed so far on any suspected firm, despite 15 cases already being concluded. At least 37 files are still open and a total of 52 firms are being probed, the report revealed.

UK treasury said the investigation was expected to take time due to the ‘complexity’ of the cases.

Treasury’s Office of Financial Sanctions Implementation (OFSI) is leading the investigations against the accused businesses.

Anti-corruption organisation Global Witness has blasted UK for not taking action against the firms, saying the government must punish the businesses with “bold” measures.

<h2>UK firms breached Russia oil price cap?</h2>

Notably, Western nations introduced a price cap on Russian oil in 2022 to reduce Moscow’s energy profits without restricting the flow of crude in the international market.

Also read:&nbsp;<a data-ved="2ahUKEwjL0fTJ-YWJAxXcoa8BHUZ0FcsQxfQBKAB6BAgOEAE" href="https://www.wionews.com/world/ukrainian-journalist-dies-in-russian-detention-confirms-kyiv-766454" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/world/ukrainian-journalist-dies-in-russian-detention-confirms-kyiv-766454&amp;ved=2ahUKEwjL0fTJ-YWJAxXcoa8BHUZ0FcsQxfQBKAB6BAgOEAE">Ukrainian journalist Victoria Roshchyna, 27, dies in Russian detention, confirms Kyiv</a>

The cap barred UK insurance firms from facilitating the transportation of Russian oil sold above $60 a barrel. Now, at least 52 companies have been accused of breaching that price cap.

<h2>Oil cap: Paper tiger?</h2>

Many experts are now saying that oil cap sanctions are nothing more than a paper tiger and remain ineffective.

BBC quoted Louis Wilson, the head of fossil fuel investigations at Global Witness, as saying that the oil cap was “a sort of paper tiger that is failing to crack down on rule breaking.”

“If the UK government prevents British businesses from enabling Putin's profiteering, then I think you'll start to see others following that lead,” he added.

According to conservative shadow foreign office minister Dame Harriett, “The oil price cap is being evaded by refining Russian oil in refineries based in third countries and then the oil is being exported into the UK.”

(With inputs from agencies)

UK is investigating dozens of firms suspected of breaching sanctions on Russian oil, introduced after Moscow’s invasion of Ukraine in 2022, reports BBC. Most of the accused businesses hail from the maritime insurance industry.

UK is investigating dozens of firms suspected of breaching sanctions on Russian oil, introduced after Moscow’s invasion of Ukraine in 2022, reports BBC. Most of the accused businesses hail from the maritime insurance industry. The UK broadcaster also revealed that no fines were imposed so far on any suspected firm, despite 15 cases already being concluded. At least 37 files are still open and a total of 52 firms are being probed, the report revealed. UK treasury said the investigation was expected to take time due to the ‘complexity’ of the cases. Treasury’s Office of Financial Sanctions Implementation (OFSI) is leading the investigations against the accused businesses. Anti-corruption organisation Global Witness has blasted UK for not taking action against the firms, saying the government must punish the businesses with “bold” measures. UK firms breached Russia oil price cap? Notably, Western nations introduced a price cap on Russian oil in 2022 to reduce Moscow’s energy profits without restricting the flow of crude in the international market. Also read: Ukrainian journalist Victoria Roshchyna, 27, dies in Russian detention, confirms Kyiv The cap barred UK insurance firms from facilitating the transportation of Russian oil sold above $60 a barrel. Now, at least 52 companies have been accused of breaching that price cap. Oil cap: Paper tiger? Many experts are now saying that oil cap sanctions are nothing more than a paper tiger and remain ineffective. BBC quoted Louis Wilson, the head of fossil fuel investigations at Global Witness, as saying that the oil cap was “a sort of paper tiger that is failing to crack down on rule breaking.” “If the UK government prevents British businesses from enabling Putin's profiteering, then I think you'll start to see others following that lead,” he added. According to conservative shadow foreign office minister Dame Harriett, “The oil price cap is being evaded by refining Russian oil in refineries based in third countries and then the oil is being exported into the UK.” (With inputs from agencies)

Stumped UK probes 52 firms suspected of breaching ‘paper tiger’ sanctions imposed on Russia