India faces challenges as potential cuts to Russian oil imports could impact refining margins, energy costs, and supply stability, raising questions about economic and strategic feasibility.


Can India afford to cut Russian oil imports? 

India said on monday that it is making significant headway in talks with the united states to reach a trade deal and reduce high tariffs.
A bloomberg report showed that an indian official said both countries had reduced their disagreements on trade barriers.


India Says Making Progress on U.S. Talks | WORLD BUSINESS WATCH 

India has pushed back after U.S. President Donald Trump claimed Prime Minister Narendra Modi assured him that New Delhi would stop buying Russian oil. The Ministry of External Affairs clarified no conversation took place, stressing that India’s energy policies prioritize the interests of Indian consumers amid global market volatility. Trump, frustrated by stalled Ukraine peace talks, has sought to pressure India and China through unilateral statements and tariffs, but New Delhi remains firm on its energy sovereignty.


India pushes back on frustrated Trump’s false Russian oil claim

U.S. President Donald Trump has claimed that India has assured him it would halt oil imports from Russia. The statement has sparked debate amid ongoing global tensions surrounding energy trade and sanctions on Moscow.


India-US ties: No phone call between Trump, PM Modi; MEA rejects US President's claim

India on Thursday (October 16) has firmly rejected claims made by US President Donald Trump, who claimed that Prime Minister Narendra Modi had assured him in a recent phone conversation that India would stop purchasing Russian oil. On Thursday, during a weekly press briefing, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal addressed the media, saying, “I’m not aware of any conversation between Prime Minister Modi and President Trump yesterday,” in direct response to Trump's comments.&nbsp;Trump had made the assertion during a press conference in the Oval Office, where he claimed that Modi had promised him that India would stop buying oil from Russia, a decision that he described as a ‘big stop’. The US president expressed his dissatisfaction with India's continued oil purchases from Russia amidst the ongoing conflict in Ukraine, suggesting that Modi had provided assurances to address the issue.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/iv-doses-no-cpr-bengaluru-doctor-charged-with-murdering-wife-through-sedatives-investigation-launched-1760610270829">IV doses, no CPR: Bengaluru doctor charged with murdering wife through sedatives; investigation launched</a>

<blockquote class="twitter-tweet" data-media-max-width="560"><a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi | On US President Trump’s statement over purchase of Russian oil by India, MEA Spokesperson Randhir Jaiswal says, &quot;... On the question of whether there was a conversation or a telephone call between Prime Minister Modi and President Trump, I am not aware of any… <a href="https://t.co/CqjfqCEO0p">pic.twitter.com/CqjfqCEO0p</a>&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1978789566816419938?ref_src=twsrc%5Etfw">October 16, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The MEA spokesperson also touched upon the ongoing tensions between Pakistan and Afghanistan. Jaiswal emphasised three key points: First, Pakistan’s role in harbouring and sponsoring terrorist groups; second, Pakistan’s long-standing tendency to blame its neighboring countries for its internal challenges; and third, Pakistan’s frustration with Afghanistan asserting its sovereignty over its own territories.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/india-news/-first-ai-hub-coming-to-andhra-pm-modi-hails-google-s-largest-investment-in-india-1760614371642">'First AI hub coming to Andhra': PM Modi hails Google’s largest investment in India</a>&nbsp;Finally, the spokesperson reiterated India’s steadfast support for Afghanistan’s sovereignty, territorial integrity, and independence. He also said that India’s Technical Mission, which has been operating in Kabul since June 2022, will soon transition into a full-fledged Embassy within the coming days. On Prime Minister Modi's meeting with US President Trump on the sidelines of the ASEAN summit in Kuala Lumpur, the MEA spokesperson said, “Let us await the announcement regarding our participation in the ASEAN summit.”

MEA spokesperson Randhir Jaiswal on Thursday (October 16) during the weekly media briefing said that the MEA is not aware of any conversation between PM Modi and Donald Trump taken place on Wednesday (October 15)

India on Thursday (October 16) has firmly rejected claims made by US President Donald Trump, who claimed that Prime Minister Narendra Modi had assured him in a recent phone conversation that India would stop purchasing Russian oil. On Thursday, during a weekly press briefing, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal addressed the media, saying, “I’m not aware of any conversation between Prime Minister Modi and President Trump yesterday,” in direct response to Trump's comments. Trump had made the assertion during a press conference in the Oval Office, where he claimed that Modi had promised him that India would stop buying oil from Russia, a decision that he described as a ‘big stop’. The US president expressed his dissatisfaction with India's continued oil purchases from Russia amidst the ongoing conflict in Ukraine, suggesting that Modi had provided assurances to address the issue. Also Read: IV doses, no CPR: Bengaluru doctor charged with murdering wife through sedatives; investigation launched

MEA spokesperson Randhir Jaiswal on Thursday (October 16) during the weekly media briefing said that the MEA is not aware of any conversation between PM Modi and Donald Trump taken place on Wednesday (October 15)

'Not aware of any conversation between PM Modi and Trump yesterday': MEA clarifies after US president claims India won't buy Russian oil

#Gravitas Russian President Vladimir Putin has praised Indian Prime Minister Narendra Modi for resisting external pressure while ridiculing U.S. President Donald Trump and the NATO alliance.

Trump tariff war: Putin says PM Modi will not bow to US pressure 

Russia Fuel Crisis: Lost Nearly 40% of Oil Refining Capacity

Several regions in Russia and parts of Ukraine it controls are reporting gasoline shortages after Ukraine stepped up attacks on Russian oil refineries this month, and amid a seasonal surge in fuel demand. Russia imposed a gasoline exports ban for oil producers on July 28 in a bid to prevent shortages at a time of peak demand because of summer travel and grain harvesting. But some market participants said this will not be enough to avert a fuel crunch.

Russia Fuel Crisis: Lost Nearly 40% of Oil Refining Capacity

During a state visit to the UK, US President Donald Trump emphasised the close relationship between the United States and India, particularly highlighting his strong bond with Prime Minister Narendra Modi. Trump mentioned his recent phone call to Modi, where he wished him a happy birthday and discussed their mutual ties. “Just had a wonderful phone call with my friend, Prime Minister Narendra Modi. I wished him a very Happy Birthday! He is doing a tremendous job. Narendra: Thank you for your support on ending the War between Russia and Ukraine! President DJT," Trump posted on his social media Truth Social.&nbsp;Also Read: <a href="https://www.wionews.com/world/-i-don-t-know-him-actually-donald-trump-dodges-questions-on-peter-mandelson-s-sacking-amid-epstein-ties-controversy-1758212504341">'I don't know him actually': Donald Trump dodges questions on Peter Mandelson’s sacking amid Epstein ties controversy</a>&nbsp;Trump was addressing reporters after a bilateral meeting with UK Prime Minister Keir Starmer. He commented on European nations purchasing oil from Russia and referenced his previous actions, including imposing significant tariffs on India. "I'm very close to India. I spoke with Prime Minister Modi just the other day to send my birthday wishes. We have a great relationship, and he released a very positive statement. We have a very good relationship and he put out a beautiful statement too. But I sanctioned them," Trump said.&nbsp;Also Read: <a href="https://www.wionews.com/world/us-to-re-enter-afghanistan-trump-shares-little-breaking-news-about-bagram-airbase-says-this-about-chinese-nuclear-weapons-1758209471330">US to re-enter Afghanistan? Trump shares 'breaking news' about Bagram Airbase, says 'Chinese nuclear weapons are made...'</a>&nbsp;He also took the opportunity to highlight his economic approach towards China, claiming that China is paying a “large tariff” to the United States under his administration. Trump noted that his stance on international trade is conditional on the actions of nations buying Russian oil, especially in the context of the ongoing Ukraine conflict. Furthermore, Trump suggested that a reduction in global oil prices would lead to Russia's withdrawal from the war in Ukraine. “If oil prices fall, Putin will have no choice but to end the war,” he asserted.

PM Modi a great friend, still sanctioned them: US President Donald Trump

During a state visit to the UK, US President Donald Trump emphasised the close relationship between the United States and India, particularly highlighting his strong bond with Prime Minister Narendra Modi. Trump mentioned his recent phone call to Modi, where he wished him a happy birthday and discussed their mutual ties. “Just had a wonderful phone call with my friend, Prime Minister Narendra Modi. I wished him a very Happy Birthday! He is doing a tremendous job. Narendra: Thank you for your support on ending the War between Russia and Ukraine! President DJT," Trump posted on his social media Truth Social. Also Read: 'I don't know him actually': Donald Trump dodges questions on Peter Mandelson’s sacking amid Epstein ties controversy Trump was addressing reporters after a bilateral meeting with UK Prime Minister Keir Starmer. He commented on European nations purchasing oil from Russia and referenced his previous actions, including imposing significant tariffs on India. "I'm very close to India. I spoke with Prime Minister Modi just the other day to send my birthday wishes. We have a great relationship, and he released a very positive statement. We have a very good relationship and he put out a beautiful statement too. But I sanctioned them," Trump said. Also Read: US to re-enter Afghanistan? Trump shares 'breaking news' about Bagram Airbase, says 'Chinese nuclear weapons are made...' He also took the opportunity to highlight his economic approach towards China, claiming that China is paying a “large tariff” to the United States under his administration. Trump noted that his stance on international trade is conditional on the actions of nations buying Russian oil, especially in the context of the ongoing Ukraine conflict. Furthermore, Trump suggested that a reduction in global oil prices would lead to Russia's withdrawal from the war in Ukraine. “If oil prices fall, Putin will have no choice but to end the war,” he asserted.

Trump reaffirms strong US-India ties, highlighting his recent call with PM Modi and his stance on Russian oil. He also criticised European nations and suggests that lower oil prices could end the Russia-Ukraine war

U.S. President Donald Trump told European leaders on Thursday that Europe must stop buying Russian oil that he said is helping Moscow fund its war against Ukraine, a White House official said, striking a combative tone amid slow diplomatic progress to end the fighting.



Russia-Ukraine War: Macron Says 26 Nations To Deploy Troops in Ukraine | WION

Trump 'Urges' Europe to Stop Buying Russian Oil, Stop Aiding Moscow's War Efforts | WION

Nikki Haley urges India to work with the Trump White House, says partnership key to countering ChinaFormer US Ambassador to the United Nations Nikki Haley has once again emphasised the importance of rebuilding the US-India relationship, calling it central to countering China's rise. In a post on X on Saturday (Aug 23), Haley said, "To face China, the United States must have a friend in India,", adding that New Delhi should take Trump's concerns over Russian oil "seriously" and work with the White House to find a solution.<h2>For the sake of 'decades of friendship'</h2>Posting a link to an opinion piece she co-authored with Bill Drexel of the Hudson Institute for Newsweek, Haley insisted that the two democracies should not lose sight of their "shared goals" despite "disagreements" over trade and Russian oil.Also read | <a href="https://www.wionews.com/trending/-satanic-trump-white-house-portrait-sets-internet-on-fire-netizens-call-it-his-most-honest-image-yet-compare-potus-to-hitler-1755752441076">‘Satanic’ Trump White House portrait sets internet on fire—netizens call it his most honest image yet, compare POTUS to Hitler</a>Amid rising India-US tensions, Haley said that, "India must take Trump's point over Russian oil seriously, and work with the White House to find a solution. The sooner the better." She added that the two nations must not lose sight of what matters the most - their shared goals. She noted that "Decades of friendship and good will between the world's two largest democracies provide a solid basis to move past the current turbulence".

<blockquote class="twitter-tweet">India must take Trump&#39;s point over Russian oil seriously, and work with the White House to find a solution. The sooner the better. Decades of friendship and good will between the world&#39;s two largest democracies provide a solid basis to move past the current turbulence.…&mdash; Nikki Haley (@NikkiHaley) <a href="https://twitter.com/NikkiHaley/status/1959241897194766470?ref_src=twsrc%5Etfw">August 23, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h2>What Haley said about the US needing India</h2>Previously, on August 22, Haley had underlined India's strategic role in helping the US confront China, pointing to ongoing border disputes between New Delhi and Beijing and the 2020 deadly clash in Ladakh. She said that the rise of a democracy like India "does not threaten the free world," and said that a US-India friendship was a "no-brainer" and that it "would serve America's interests to help India stand up to China".The authors stated that “India must be treated like the prized free and democratic partner that it is—not an adversary like China, which has thus far avoided sanctions for its Russian oil purchases, despite being one of Moscow's largest customers.”Also read | <a href="https://www.wionews.com/world/who-is-sergio-gor-trump-loyalist-once-dubbed-snake-by-musk-to-be-us-envoy-to-india-all-you-need-to-know-about-him-1755913509372">Who is Sergio Gor? Trump loyalist once dubbed 'snake' by Musk, to be US envoy to India. All you need to know about him</a>In the opinion piece, Haley and Drexel noted that in the "short term" India was "essential in helping the United States move its critical supply chains away from China". Unlike other partners, Haley and Drexel argued, "India stands alone in its potential to manufacture at China-like scale for products that can't be quickly or efficiently produced here, like textiles, inexpensive phones, and solar panels".They then noted that in the longer term, India's significance was even "more profound" and said, "India's rise represents the most significant geopolitical event since China's, and is among the greatest obstacles to China's goal of reshaping the global order. Simply put, China's ambitions will have to shrink as India's power grows." &nbsp;&nbsp;

Nikki Haley urged India to work with Trump’s White House, saying partnership is vital to counter China. She warned New Delhi to take Trump’s concerns on Russian oil seriously, stressing decades of US-India friendship. Here's what she said.

Nikki Haley urges India to work with the Trump White House, says partnership key to countering China Former US Ambassador to the United Nations Nikki Haley has once again emphasised the importance of rebuilding the US-India relationship, calling it central to countering China's rise. In a post on X on Saturday (Aug 23), Haley said, "To face China, the United States must have a friend in India,", adding that New Delhi should take Trump's concerns over Russian oil "seriously" and work with the White House to find a solution. For the sake of 'decades of friendship' Posting a link to an opinion piece she co-authored with Bill Drexel of the Hudson Institute for Newsweek, Haley insisted that the two democracies should not lose sight of their "shared goals" despite "disagreements" over trade and Russian oil. Also read | ‘Satanic’ Trump White House portrait sets internet on fire—netizens call it his most honest image yet, compare POTUS to Hitler Amid rising India-US tensions, Haley said that, "India must take Trump's point over Russian oil seriously, and work with the White House to find a solution. The sooner the better." She added that the two nations must not lose sight of what matters the most - their shared goals. She noted that "Decades of friendship and good will between the world's two largest democracies provide a solid basis to move past the current turbulence".

Nikki Haley urged India to work with Trump’s White House, saying partnership is vital to counter China. She warned New Delhi to take Trump’s concerns on Russian oil seriously, stressing decades of US-India friendship. Here's what she said.

Nikki Haley tells India to 'take Trump seriously,' warns against choosing Russian oil over ties with US

India's External Affairs Minister S Jaishankar on Thursday (August 21) hit back at the Trump tariff war, stressing that India is not the biggest buyer of Russian oil. This comes after US President Donald Trump imposed 50 per cent tariffs on India for buying Russian oil amid its war with Ukraine.Jaishankar, during his visit to Russia, expressed that he was "perplexed" as India's purchase of oil from the US had in fact increased.Speaking during a press conference with Russia's Foreign Minister Sergey Lavrov, Jaishankar said that China is the biggest buyer of Russian oil, not India.He added that India is not the country that has the biggest trade surge with Russia after 2022."We are not the biggest purchasers of Russian oil; that is China. We are not the biggest purchasers of LNG; that is the European Union. We are not the country that has the biggest trade surge with Russia after 2022; I think there are some countries to the South," he said."We are a country where the Americans have said for the last few years that we should do everything to stabilise the world energy market, including buying oil from Russia. Incidentally, we also buy oil from the US, and that amount has increased. So honestly, we are very perplexed at the logic of the argument that you had referred to," he added.Jaishankar and Lavrov also exchanged views on &nbsp;Ukraine, Europe, Iran, West Asia, Afghanistan and the Indian sub-continent. They also spoke about the cooperation in the UN, G20, SCO and BRICS.India's external affairs minister further reaffirmed the shared ambition to expand bilateral trade in a balanced and sustainable manner, including by increasing India's exports to Russia."This requires swiftly addressing non-tariff barriers and regulatory impediments, enhancing India's exports to Russia in sectors like agriculture, pharma, and textiles will certainly help correct the imbalance...," he said.

Jaishankar addressed Trump tariff war, saying that India is not the biggest buyer of Russian oil, but China is. He further said that he was perplexed" as India's purchase of oil from the US had surged.

India's External Affairs Minister S Jaishankar on Thursday (August 21) hit back at the Trump tariff war, stressing that India is not the biggest buyer of Russian oil. This comes after US President Donald Trump imposed 50 per cent tariffs on India for buying Russian oil amid its war with Ukraine. Jaishankar, during his visit to Russia, expressed that he was "perplexed" as India's purchase of oil from the US had in fact increased. Speaking during a press conference with Russia's Foreign Minister Sergey Lavrov, Jaishankar said that China is the biggest buyer of Russian oil, not India. He added that India is not the country that has the biggest trade surge with Russia after 2022. "We are not the biggest purchasers of Russian oil; that is China. We are not the biggest purchasers of LNG; that is the European Union. We are not the country that has the biggest trade surge with Russia after 2022; I think there are some countries to the South," he said. "We are a country where the Americans have said for the last few years that we should do everything to stabilise the world energy market, including buying oil from Russia. Incidentally, we also buy oil from the US, and that amount has increased. So honestly, we are very perplexed at the logic of the argument that you had referred to," he added. Jaishankar and Lavrov also exchanged views on Ukraine, Europe, Iran, West Asia, Afghanistan and the Indian sub-continent. They also spoke about the cooperation in the UN, G20, SCO and BRICS. India's external affairs minister further reaffirmed the shared ambition to expand bilateral trade in a balanced and sustainable manner, including by increasing India's exports to Russia. "This requires swiftly addressing non-tariff barriers and regulatory impediments, enhancing India's exports to Russia in sectors like agriculture, pharma, and textiles will certainly help correct the imbalance...," he said.

Jaishankar addressed Trump tariff war, saying that India is not the biggest buyer of Russian oil, but China is. He further said that he was perplexed" as India's purchase of oil from the US had surged.

'India not biggest buyer of Russian oil': Jaishankar hits back at Trump tariff during Moscow visit

Following significant tariffs imposed on India by US President Donald Trump over the purchase of oil from Russia, the demand from the South Asian country for Moscow’s crude has dropped. Taking advantage of the situation, Chinese refineries have placed new orders for Russian crude from ports that earlier supplied to New Delhi, according to reports. After Western countries halted Russian imports following Moscow’s 2022 invasion of Ukraine, China and India emerged as the top buyers of oil from Russia.CNN reported, citing analysts, that at least 15 cargoes of Russian oil have been secured by Chinese refineries, which will be delivered in October and November this year.<h2>Did tariffs result in drop in demand for Russian oil?</h2>Earlier in July, US President Donald Trump threatened to impose secondary tariffs on countries purchasing Russian oil in a bid to pressure Moscow to end the war in Ukraine, which is in its fourth year. Earlier this month, Trump imposed additional 25 per cent tariffs on India, on top of the initial 25 per cent duties, citing Russian oil and gas imposed. The move has led the country to cut down its purchases drastically, reported CNN.Muyu Xu, senior crude oil analyst at Kpler, which tracks commodities and shipping data, said that China’s state-owned and large private refiners had purchased about 13 cargoes of Russian crude that will be delivered in October. In addition, at least two such purchases have been made for the month of November.Reportedly, the 15 cargoes of oil, which usually range from 700,000 to 1 million barrels, are set to be supplied from Russia’s Arctic and Black Sea ports, which typically supply to India, Xu said.In a similar report, Reuters claimed, “Indian state refiners paused Russian oil purchases last month.” The report, citing a trade source, added that the cargoes were most likely at the beginning of the month.<h2>Trump tariff threats</h2>Meanwhile, India earlier said that it has not halted its oil purchase from Russia following Trump’s tariff threats, which it called unjust and unreasonable, and continues to buy for economic considerations.Reuters report added that Chinese refiners are also wary about the possibility of US sanctions. Trump on Friday said that he did not immediately need to consider retaliatory tariffs on countries for buying Russian oil, adding that he might have to think about it “in two or three weeks.”

China has purchased at least 15 cargoes of Russian oil for deliveries in October and November from ports which typically supplied to India, which is currently facing a drop in demand amid Trump’s tariff threats, according to reports.

Following significant tariffs imposed on India by US President Donald Trump over the purchase of oil from Russia, the demand from the South Asian country for Moscow’s crude has dropped. Taking advantage of the situation, Chinese refineries have placed new orders for Russian crude from ports that earlier supplied to New Delhi, according to reports. After Western countries halted Russian imports following Moscow’s 2022 invasion of Ukraine, China and India emerged as the top buyers of oil from Russia. CNN reported, citing analysts, that at least 15 cargoes of Russian oil have been secured by Chinese refineries, which will be delivered in October and November this year. Did tariffs result in drop in demand for Russian oil? Earlier in July, US President Donald Trump threatened to impose secondary tariffs on countries purchasing Russian oil in a bid to pressure Moscow to end the war in Ukraine, which is in its fourth year. Earlier this month, Trump imposed additional 25 per cent tariffs on India, on top of the initial 25 per cent duties, citing Russian oil and gas imposed. The move has led the country to cut down its purchases drastically, reported CNN. Muyu Xu, senior crude oil analyst at Kpler, which tracks commodities and shipping data, said that China’s state-owned and large private refiners had purchased about 13 cargoes of Russian crude that will be delivered in October. In addition, at least two such purchases have been made for the month of November. Reportedly, the 15 cargoes of oil, which usually range from 700,000 to 1 million barrels, are set to be supplied from Russia’s Arctic and Black Sea ports, which typically supply to India, Xu said. In a similar report, Reuters claimed, “Indian state refiners paused Russian oil purchases last month.” The report, citing a trade source, added that the cargoes were most likely at the beginning of the month. Trump tariff threats Meanwhile, India earlier said that it has not halted its oil purchase from Russia following Trump’s tariff threats, which it called unjust and unreasonable, and continues to buy for economic considerations. Reuters report added that Chinese refiners are also wary about the possibility of US sanctions. Trump on Friday said that he did not immediately need to consider retaliatory tariffs on countries for buying Russian oil, adding that he might have to think about it “in two or three weeks.”

China has purchased at least 15 cargoes of Russian oil for deliveries in October and November from ports which typically supplied to India, which is currently facing a drop in demand amid Trump’s tariff threats, according to reports.

China ramping up Russian oil purchase amid Trump’s tariff threats? Reports claim drop in Indian demand

Ukrainian President Volodymyr Zelensky held a telephonic conversation with Indian Prime Minister Narendra Modi on Monday (August 11), and the two leaders discussed the ongoing Russia-Ukraine war and are also likely to hold a personal meeting in September during the United Nations General Assembly.This comes as the United States President Donald Trump has been pushing and threatening India for its purchase of Russian oil, alleging that it is supporting the war in Ukraine.Zelensky, during the call with PM Modi, discussed sanctions against Russia, noting that it is necessary to limit the export of Russian energy, particularly oil, to "reduce its potential and ability to finance the continuation of this war."Expressing gratefulness, Zelensky in a post on X wrote, “I had a long conversation with the Prime Minister of India @narendramodi. We discussed in detail all important issues – both of our bilateral cooperation and the overall diplomatic situation. I am grateful to the Prime Minister for his warm words of support for our people.”

<blockquote class="twitter-tweet">I had a long conversation with the Prime Minister of India <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a>. We discussed in detail all important issues – both of our bilateral cooperation and the overall diplomatic situation. I am grateful to the Prime Minister for his warm words of support for our people. I… <a href="https://t.co/Lx9b3sMAbb">pic.twitter.com/Lx9b3sMAbb</a>&mdash; Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) <a href="https://twitter.com/ZelenskyyUa/status/1954891726134378999?ref_src=twsrc%5Etfw">August 11, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

"We agreed to plan a personal meeting in September during the UN General Assembly and to work on an exchange of visits," the Ukrainian president said.Meanwhile, PM Modi took to X, saying that he conveyed India's consistent position on the need for an early and peaceful resolution of the conflict."Glad to speak with President Zelenskyy and hear his perspectives on recent developments. India remains committed to making every possible contribution in this regard, as well as to further strengthening bilateral ties with Ukraine," PM Modi wrote on X.

<blockquote class="twitter-tweet">Glad to speak with President Zelenskyy and hear his perspectives on recent developments. I conveyed India’s consistent position on the need for an early and peaceful resolution of the conflict. India remains committed to making every possible contribution in this regard, as well…&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1954893314240483824?ref_src=twsrc%5Etfw">August 11, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

"The leaders also reviewed progress in the India-Ukraine bilateral partnership and discussed ways to further enhance cooperation in areas of mutual interest," a statement from the PM Modi office read.Moreover, Zelensky informed PM Modi about the Russian attacks on Ukrainian cities and villages, about yesterday’s strike on the bus station in Zaporizhzhia, where dozens of people were injured in a deliberate Russian bombing of a regular urban facility.The Ukrainian president stressed that instead of demonstrating readiness for a ceasefire, "Russia is showing only its desire to continue the occupation and killings.""It is important that India is supporting our peace efforts and shares the position that everything concerning Ukraine must be decided with Ukraine’s participation. Other formats will not deliver results," Zelensky stressed."It is important that every leader who has tangible leverage over Russia sends the corresponding signals to Moscow," he added.

Zelensky, during the call with PM Modi, discussed sanctions against Russia, noting that it is necessary to limit the export of Russian oil.

Ukrainian President Volodymyr Zelensky held a telephonic conversation with Indian Prime Minister Narendra Modi on Monday (August 11), and the two leaders discussed the ongoing Russia-Ukraine war and are also likely to hold a personal meeting in September during the United Nations General Assembly. This comes as the United States President Donald Trump has been pushing and threatening India for its purchase of Russian oil, alleging that it is supporting the war in Ukraine. Zelensky, during the call with PM Modi, discussed sanctions against Russia, noting that it is necessary to limit the export of Russian energy, particularly oil, to "reduce its potential and ability to finance the continuation of this war." Expressing gratefulness, Zelensky in a post on X wrote, “I had a long conversation with the Prime Minister of India @narendramodi. We discussed in detail all important issues – both of our bilateral cooperation and the overall diplomatic situation. I am grateful to the Prime Minister for his warm words of support for our people.”

Zelensky, during the call with PM Modi, discussed sanctions against Russia, noting that it is necessary to limit the export of Russian oil.

Zelensky calls PM Modi amid Trump's tariff threats over Russian oil - Sanctions, personal meeting, Ukraine war discussed

The Canadian government announced on Friday that it would lower the price cap on Russian-origin seaborne crude oil as part of a coordinated effort with its allies to increase economic pressure on Russia over its continued invasion of Ukraine. The price cap for Russian oil will be reduced from $60 per barrel to $47.60, according to a statement from Canada’s Finance Department. This move aligns Canada with the European Union and the United Kingdom, both of which had made similar decisions in July. “By further lowering the price cap on Russian crude oil, Canada and its partners are ratcheting up the economic pressure and limiting a crucial source of funding for Russia's illegal war,” Canadian Finance Minister Francois-Philippe Champagne said in the statement.<h2>Targeting Russia’s oil revenues</h2>The price cap is part of a broader strategy aimed at reducing Russia’s oil revenues, a key source of funding for its military operations in Ukraine. Since the start of the war in 2022, Western allies have imposed a series of sanctions on Russia to weaken its economy and limit its ability to finance its war efforts. By capping the price of Russian oil, these measures are designed to make it harder for Moscow to sell oil at market prices, while still allowing some exports to continue in a way that prevents a global supply crisis.The decision by Canada to lower the cap underscores the ongoing unity among Western countries in their efforts to isolate Russia economically. The new cap also brings Canada's position in line with the European Union and the United Kingdom, both of which have adopted similar policies to curb Russia’s oil revenue and signal their continued support for Ukraine.<h2>Impact on global oil markets</h2>The move comes amid ongoing volatility in the global oil markets, with prices fluctuating due to concerns over global economic growth and trade disruptions. Oil prices had recently seen their biggest weekly losses since June, as investors worried about the economic impact of sanctions and tariffs that have been introduced globally.While the reduction in the price cap is designed to target Russia’s economy, it remains to be seen what impact this will have on the global oil market. The effectiveness of these measures will depend on how other countries, including major oil consumers in Asia, react to the cap and whether Russia can find alternative markets for its oil. With this latest move, Canada strengthens its commitment to opposing Russia’s invasion of Ukraine, alongside its key allies in the EU and the UK.&nbsp;(With inputs from agencies)

The price cap for Russian oil will be reduced from $60 per barrel to $47.60, according to a statement from Canada’s Finance Department. This move aligns Canada with the European Union and the United Kingdom, both of which had made similar decisions in July.

The Canadian government announced on Friday that it would lower the price cap on Russian-origin seaborne crude oil as part of a coordinated effort with its allies to increase economic pressure on Russia over its continued invasion of Ukraine. The price cap for Russian oil will be reduced from $60 per barrel to $47.60, according to a statement from Canada’s Finance Department. This move aligns Canada with the European Union and the United Kingdom, both of which had made similar decisions in July. “By further lowering the price cap on Russian crude oil, Canada and its partners are ratcheting up the economic pressure and limiting a crucial source of funding for Russia's illegal war,” Canadian Finance Minister Francois-Philippe Champagne said in the statement. Targeting Russia’s oil revenues The price cap is part of a broader strategy aimed at reducing Russia’s oil revenues, a key source of funding for its military operations in Ukraine. Since the start of the war in 2022, Western allies have imposed a series of sanctions on Russia to weaken its economy and limit its ability to finance its war efforts. By capping the price of Russian oil, these measures are designed to make it harder for Moscow to sell oil at market prices, while still allowing some exports to continue in a way that prevents a global supply crisis. The decision by Canada to lower the cap underscores the ongoing unity among Western countries in their efforts to isolate Russia economically. The new cap also brings Canada's position in line with the European Union and the United Kingdom, both of which have adopted similar policies to curb Russia’s oil revenue and signal their continued support for Ukraine. Impact on global oil markets The move comes amid ongoing volatility in the global oil markets, with prices fluctuating due to concerns over global economic growth and trade disruptions. Oil prices had recently seen their biggest weekly losses since June, as investors worried about the economic impact of sanctions and tariffs that have been introduced globally. While the reduction in the price cap is designed to target Russia’s economy, it remains to be seen what impact this will have on the global oil market. The effectiveness of these measures will depend on how other countries, including major oil consumers in Asia, react to the cap and whether Russia can find alternative markets for its oil. With this latest move, Canada strengthens its commitment to opposing Russia’s invasion of Ukraine, alongside its key allies in the EU and the UK. (With inputs from agencies)

The price cap for Russian oil will be reduced from $60 per barrel to $47.60, according to a statement from Canada’s Finance Department. This move aligns Canada with the European Union and the United Kingdom, both of which had made similar decisions in July.

Canada joins allies in lowering price cap on Russian oil

US President Donald Trump on Wednesday (August 5) imposed additional 25 per cent tariffs on India, doubling it, making it 50 per cent now in total. On Tuesday, Trump warned that he would be raising the tariff in the next 24 hours, over India's buying Russian oil amid the ongoing Ukraine war.&nbsp;The US president signed an executive order, imposing additional 25 per cent tariffs on India as they "directly or indirectly" import Russian oil.&nbsp;"I determine that it is necessary and appropriate to impose an additional ad valorem duty on imports of articles of India, which is directly or indirectly importing Russian Federation oil," Trump stated in the order.&nbsp;He added, "Articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent." Trump said that the rate of duty will be effective on or after 12:01 am, 21 days after the date of this order.&nbsp;Should a foreign country retaliate against the United States in response to this action, I may modify this order to ensure the efficacy of the actions herein ordered.<h2>What will happen if India retaliates?</h2>In the executive order, Trump also stated the basis on which the order can be modified in the future. He stated that he might modify the order, "including in light of additional information, recommendations from senior officials, or changed circumstances."&nbsp;If India retaliates, the US president might modify the order to ensure the efficacy of the actions mentioned in the order.&nbsp;"Should a foreign country retaliate against the United States in response to this action, I may modify this order to ensure the efficacy of the actions herein ordered," the order read.&nbsp;"Should the Government of the Russian Federation or a foreign country impacted by this order take significant steps to address the national emergency described in section 1 of this order and align sufficiently with the United States on national security, foreign policy, and economic matters, I may further modify this order," he added.&nbsp;Trump further warned that if his secretary of commerce finds that a country is directly or indirectly importing Russian Federation oil, the Secretary of State, in consultation with the Secretary of the Treasury, and along with other officials will “recommend whether and to what extent I should take action as to that country, including whether I should impose an additional ad valorem rate of duty of 25 percent on imports of articles of that country.”

The US president signed an executive order, imposing additional 25 per cent tariffs on India as they "directly or indirectly" import Russian oil.

US President Donald Trump on Wednesday (August 5) imposed additional 25 per cent tariffs on India, doubling it, making it 50 per cent now in total. On Tuesday, Trump warned that he would be raising the tariff in the next 24 hours, over India's buying Russian oil amid the ongoing Ukraine war. The US president signed an executive order, imposing additional 25 per cent tariffs on India as they "directly or indirectly" import Russian oil. "I determine that it is necessary and appropriate to impose an additional ad valorem duty on imports of articles of India, which is directly or indirectly importing Russian Federation oil," Trump stated in the order. He added, "Articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent." Trump said that the rate of duty will be effective on or after 12:01 am, 21 days after the date of this order. Should a foreign country retaliate against the United States in response to this action, I may modify this order to ensure the efficacy of the actions herein ordered. What will happen if India retaliates? In the executive order, Trump also stated the basis on which the order can be modified in the future. He stated that he might modify the order, "including in light of additional information, recommendations from senior officials, or changed circumstances." If India retaliates, the US president might modify the order to ensure the efficacy of the actions mentioned in the order. "Should a foreign country retaliate against the United States in response to this action, I may modify this order to ensure the efficacy of the actions herein ordered," the order read. "Should the Government of the Russian Federation or a foreign country impacted by this order take significant steps to address the national emergency described in section 1 of this order and align sufficiently with the United States on national security, foreign policy, and economic matters, I may further modify this order," he added. Trump further warned that if his secretary of commerce finds that a country is directly or indirectly importing Russian Federation oil, the Secretary of State, in consultation with the Secretary of the Treasury, and along with other officials will “recommend whether and to what extent I should take action as to that country, including whether I should impose an additional ad valorem rate of duty of 25 percent on imports of articles of that country.”

The US president signed an executive order, imposing additional 25 per cent tariffs on India as they "directly or indirectly" import Russian oil.

What will happen if India retaliates against US tariffs? Trump WARNS after imposing 50% import duties over buying Russian oil

After US President Donald Trump criticised India for buying Russian oil amid its war with Ukraine, the Kremlin on Tuesday (August 5) slammed Trump's threats to raise tariffs on India for buying Russian oil, calling it "illegal". Kremlin Spokesperson Dmitry Peskov, while speaking to reporters, said that it was unacceptable to force countries to stop trading with Russia, according to Reuters and AFP reports.&nbsp;Peskov further stressed that sovereign nations can choose their trading partners.&nbsp;“Sovereign countries have the right to choose their own trading partners,” spokesperson Dmitry Peskov told reporters.&nbsp;Trump earlier took to Truth Social, posting, "They don’t care how many people in Ukraine are being killed by the Russian War Machine." The US president further accused India of selling Russian oil "on the Open Market for big profits”.&nbsp;<a href="https://www.wionews.com/videos/trump-tariffs-average-us-tariffs-jump-to-nearly-20-surge-10-times-under-trump-2-0-1754380751487/embed">https://www.wionews.com/videos/trump-tariffs-average-us-tariffs-jump-to-nearly-20-surge-10-times-under-trump-2-0-1754380751487/embed</a>&nbsp;Trump last week also imposed 25 per cent tariffs on India, along with penalties for arms trading with Russia, as well as oil imports. Later, on Monday (Aug 4), Trump issued a fresh threat of a “substantial hike” in trade duties on India for buying Russian oil and “selling it on the open market for big profits”.&nbsp;Following the statements made by the US president, the Ministry of External Affairs (MEA) said, “India has been targeted by the United States and the European Union for importing oil from Russia after the commencement of the Ukraine conflict.”&nbsp;<a href="https://www.wionews.com/world/us-hypocrisy-exposed-west-s-russia-energy-trade-is-on-while-trump-boxes-india-modi-vs-trump-russia-oil-gas-nato-eu-trade-reality-explained-1754380112701">Also read: Bad if we do it, good if you do? US, West's Russia energy trade HYPOCRISY EXPOSED as Trump browbeats India with tariffs, fines</a>&nbsp;India even stated that the US earlier actively encouraged such imports by India for strengthening the stability of global energy markets.&nbsp;“In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,” the statement added.

Kremlin Spokesperson Dmitry Peskov, while speaking to reporters, said that it was unacceptable to force countries to stop trading with Russia.

After US President Donald Trump criticised India for buying Russian oil amid its war with Ukraine, the Kremlin on Tuesday (August 5) slammed Trump's threats to raise tariffs on India for buying Russian oil, calling it "illegal". Kremlin Spokesperson Dmitry Peskov, while speaking to reporters, said that it was unacceptable to force countries to stop trading with Russia, according to Reuters and AFP reports. Peskov further stressed that sovereign nations can choose their trading partners. “Sovereign countries have the right to choose their own trading partners,” spokesperson Dmitry Peskov told reporters. Trump earlier took to Truth Social, posting, "They don’t care how many people in Ukraine are being killed by the Russian War Machine." The US president further accused India of selling Russian oil "on the Open Market for big profits”. https://www.wionews.com/videos/trump-tariffs-average-us-tariffs-jump-to-nearly-20-surge-10-times-under-trump-2-0-1754380751487/embed Trump last week also imposed 25 per cent tariffs on India, along with penalties for arms trading with Russia, as well as oil imports. Later, on Monday (Aug 4), Trump issued a fresh threat of a “substantial hike” in trade duties on India for buying Russian oil and “selling it on the open market for big profits”. Following the statements made by the US president, the Ministry of External Affairs (MEA) said, “India has been targeted by the United States and the European Union for importing oil from Russia after the commencement of the Ukraine conflict.” Also read: Bad if we do it, good if you do? US, West's Russia energy trade HYPOCRISY EXPOSED as Trump browbeats India with tariffs, fines India even stated that the US earlier actively encouraged such imports by India for strengthening the stability of global energy markets. “In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,” the statement added.

Kremlin Spokesperson Dmitry Peskov, while speaking to reporters, said that it was unacceptable to force countries to stop trading with Russia.

'Can't force countries': Kremlin hits back at Trump for 'illegally' threatening India over Russian oil imports

India has issued a strong rebuttal to US President Donald Trump’s latest threats to impose higher tariffs on Indian imports, specifically targeting the country’s continued purchase of oil from Russia. Trump, in a post on his social media platform Truth Social, accused India of “profiting” from reselling Russian oil, despite the ongoing conflict in Ukraine. He warned that unless India ceases its oil imports from Russia, the US would “substantially raise the tariff” on goods from India. Trump’s accusations claim that India “doesn’t care how many people in Ukraine are being killed” and that it is taking advantage of Russia’s discounted oil by selling it on the global market for “big profits”. The US president’s comments come as part of a broader push to impose sanctions on Russia and its allies, including countries like India that continue to do business with the Kremlin despite the war in Ukraine.<h2>India’s rebuttal: Unjustified and unreasonable</h2>In response, India’s Ministry of External Affairs issued a sharp statement, dismissing Trump’s claims as “unjustified and unreasonable”. A spokesperson emphasised that India’s decision to import Russian oil was driven by economic necessity, as Western sanctions on Russia forced Moscow to offer discounted crude, which India has utilised to stabilise global energy markets. The spokesperson also pointed out that the US had initially encouraged India to buy Russian oil in the early stages of the Ukraine conflict.India’s government made it clear that it would continue to safeguard its national interests, regardless of US pressure. The spokesperson also highlighted the inconsistency in US policy, noting that the US itself continued to engage in trade with Russia, with trade worth $3.5 billion between the two countries last year. “Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,” the statement added.<h2>Trade tensions deepen amid geopolitical rift</h2>The tensions over Russian oil are part of a broader set of challenges in the US-India relationship. While India has historically maintained a non-aligned stance, balancing ties with both Russia and the West, the US has raised concerns about India’s growing economic ties with Moscow. However, India has remained resolute in its position, emphasising that its energy and defence policies will not be dictated by outside pressure.The Indian government also rejected Trump’s previous claim of brokering a ceasefire between India and Pakistan in May, calling it false. The ongoing geopolitical tension, coupled with Trump’s recent tariffs and inflammatory rhetoric, has made it increasingly difficult for both nations to maintain a cooperative relationship, particularly as India seeks to strengthen its strategic autonomy.&nbsp;(With inputs from agencies)

US President Donald Trump, in a post on Truth Social, accused India of “profiting” from reselling Russian oil, despite the ongoing conflict in Ukraine. He warned that unless India ceases its oil imports from Russia, the US would “substantially raise the tariff” on goods from India.

India has issued a strong rebuttal to US President Donald Trump’s latest threats to impose higher tariffs on Indian imports, specifically targeting the country’s continued purchase of oil from Russia. Trump, in a post on his social media platform Truth Social, accused India of “profiting” from reselling Russian oil, despite the ongoing conflict in Ukraine. He warned that unless India ceases its oil imports from Russia, the US would “substantially raise the tariff” on goods from India. Trump’s accusations claim that India “doesn’t care how many people in Ukraine are being killed” and that it is taking advantage of Russia’s discounted oil by selling it on the global market for “big profits”. The US president’s comments come as part of a broader push to impose sanctions on Russia and its allies, including countries like India that continue to do business with the Kremlin despite the war in Ukraine. India’s rebuttal: Unjustified and unreasonable In response, India’s Ministry of External Affairs issued a sharp statement, dismissing Trump’s claims as “unjustified and unreasonable”. A spokesperson emphasised that India’s decision to import Russian oil was driven by economic necessity, as Western sanctions on Russia forced Moscow to offer discounted crude, which India has utilised to stabilise global energy markets. The spokesperson also pointed out that the US had initially encouraged India to buy Russian oil in the early stages of the Ukraine conflict. India’s government made it clear that it would continue to safeguard its national interests, regardless of US pressure. The spokesperson also highlighted the inconsistency in US policy, noting that the US itself continued to engage in trade with Russia, with trade worth $3.5 billion between the two countries last year. “Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,” the statement added. Trade tensions deepen amid geopolitical rift The tensions over Russian oil are part of a broader set of challenges in the US-India relationship. While India has historically maintained a non-aligned stance, balancing ties with both Russia and the West, the US has raised concerns about India’s growing economic ties with Moscow. However, India has remained resolute in its position, emphasising that its energy and defence policies will not be dictated by outside pressure. The Indian government also rejected Trump’s previous claim of brokering a ceasefire between India and Pakistan in May, calling it false. The ongoing geopolitical tension, coupled with Trump’s recent tariffs and inflammatory rhetoric, has made it increasingly difficult for both nations to maintain a cooperative relationship, particularly as India seeks to strengthen its strategic autonomy. (With inputs from agencies)

US President Donald Trump, in a post on Truth Social, accused India of “profiting” from reselling Russian oil, despite the ongoing conflict in Ukraine. He warned that unless India ceases its oil imports from Russia, the US would “substantially raise the tariff” on goods from India.

India defies Trump’s threats over Russian oil purchases

US President Donald Trump on Monday issued a fresh warning to India of increased tariffs over buying Russian oil. The threat comes just a week after Trump announced a 25 per cent tariff on India. In a new post in Truth Social, Trump cited India’s close ties with Russia as the key reason behind the tariff revision.&nbsp;“India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!!” Donald Trump wrote on his social media platform Truth Social.&nbsp;&nbsp;

Trump's post on Truth Social

Trump had last week issued a verbal attack on Truth Social targeting India, and called on both New Delhi and Moscow to “take their dead economies and go down together”.&nbsp;&nbsp;“I don’t care what India does with Russia. They can take their dead economies down together, for all I care,” Trump said in the post on Truth Social. “We have done very little business with India, their Tariffs are too high, among the highest in the World," he added.&nbsp;<h2>‘We desire a fair and representative global order, not one dominated by a few’</h2>&nbsp;Meanwhile, India’s External Affairs Minister S Jaishankar on Monday reiterated the need for a fair and multipolar global order, saying, “Our collective desire is to see a fair and representative global order, not one dominated by a few.” Jaishankar made the remarks amid global trade tensions, including US tariff threats and pressure on India’s oil trade with Russia.

<blockquote class="twitter-tweet" data-media-max-width="560"><a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi: At the BIMSTEC Traditional Music Festival, &quot;SaptaSur: Seven Nations, One Melody&quot;, EAM Dr S Jaishankar says, &quot;We live in complicated and uncertain times. Our collective desire is to see a fair and representative global order, not one dominated by a few. That quest… <a href="https://t.co/nRQ61EiGqP">pic.twitter.com/nRQ61EiGqP</a>&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1952370000536146084?ref_src=twsrc%5Etfw">August 4, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Speaking at the BIMSTEC Traditional Music Festival in Delhi titled ‘SaptaSur: Seven Nations, One Melody’, Jaishankar linked cultural traditions to the broader vision of global balance. “We live in complicated and uncertain times. Our collective desire is to see a fair and representative global order, not one dominated by a few. That quest is often articulated as political or economic rebalancing,” he said. While Jaishankar’s remarks did not refer directly to the economic and diplomatic challenges, including concerns over possible US tariffs and warnings related to India’s ongoing oil trade with Russia, his emphasis on sovereignty, tradition, and multipolarity echoed India’s current diplomatic positioning.

The threat comes just a week after Trump announced a 25 per cent tariff on India. In a new post in Truth Social, Trump cited India’s close ties with Russia as the key reason behind the tariff revision.

US President Donald Trump on Monday issued a fresh warning to India of increased tariffs over buying Russian oil. The threat comes just a week after Trump announced a 25 per cent tariff on India. In a new post in Truth Social, Trump cited India’s close ties with Russia as the key reason behind the tariff revision. “India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!!” Donald Trump wrote on his social media platform Truth Social.

The threat comes just a week after Trump announced a 25 per cent tariff on India. In a new post in Truth Social, Trump cited India’s close ties with Russia as the key reason behind the tariff revision.

Trump warns of ‘substantial hike’ in tariffs on India over Russian oil purchase

Indian state refiners have stopped buying Russian oil in the past week, citing discounts narrowed this month, the industry sources told Reuters. This comes amid US President Donald Trump warning India against buying oil from Russia as Moscow intensifies its war with Ukraine.&nbsp;Several state refiners of India, including Indian Oil Corp (IOC.NS), opens new tab, Hindustan Petroleum Corp (HPCL.NS), Bharat Petroleum Corp (BPCL.NS), and Mangalore Refinery Petrochemical Ltd (MRPL.NS), have not sought Russian crude in the past week, four sources familiar with the refiners' purchase told Reuters.&nbsp;Notably, India is the world's third-largest oil importer and the biggest buyer of seaborne Russian crude.&nbsp;However, the refiners have not responded to the request for comment yet.&nbsp;These four refiners regularly buy Russian oil on a delivered basis, but now they have turned to spot markets for replacement supply, including Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said.&nbsp;State refiners control over 60 per cent of India's overall 5.2 million barrels per day refining capacity.<h2>Trump calls India, Russia's economy 'dead'</h2>Earlier today, Trump hit out at India for purchasing oil from Russia. This came hours after the US president announced 25 per cent tariffs on Indian imports.&nbsp;Trump said that he does not care about India's trade dealings with Russia, saying that the two "can take their dead economies down together".&nbsp;"I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India; their tariffs are too high, among the highest in the world. Likewise, Russia and the USA do almost no business together. Let's keep it that way," Trump said in a post on Truth Social.&nbsp;On July 14, Trump even threatened 100 per cent tariffs on countries that buy Russian oil unless Moscow reaches a ceasefire and peace deal with Ukraine.&nbsp;

These four refiners regularly buy Russian oil on a delivered basis, but now they have turned to spot markets for replacement supply, including Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil. 

Indian state refiners have stopped buying Russian oil in the past week, citing discounts narrowed this month, the industry sources told Reuters. This comes amid US President Donald Trump warning India against buying oil from Russia as Moscow intensifies its war with Ukraine. Several state refiners of India, including Indian Oil Corp (IOC.NS), opens new tab, Hindustan Petroleum Corp (HPCL.NS), Bharat Petroleum Corp (BPCL.NS), and Mangalore Refinery Petrochemical Ltd (MRPL.NS), have not sought Russian crude in the past week, four sources familiar with the refiners' purchase told Reuters. Notably, India is the world's third-largest oil importer and the biggest buyer of seaborne Russian crude. However, the refiners have not responded to the request for comment yet. These four refiners regularly buy Russian oil on a delivered basis, but now they have turned to spot markets for replacement supply, including Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said. State refiners control over 60 per cent of India's overall 5.2 million barrels per day refining capacity. Trump calls India, Russia's economy 'dead' Earlier today, Trump hit out at India for purchasing oil from Russia. This came hours after the US president announced 25 per cent tariffs on Indian imports. Trump said that he does not care about India's trade dealings with Russia, saying that the two "can take their dead economies down together". "I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India; their tariffs are too high, among the highest in the world. Likewise, Russia and the USA do almost no business together. Let's keep it that way," Trump said in a post on Truth Social. On July 14, Trump even threatened 100 per cent tariffs on countries that buy Russian oil unless Moscow reaches a ceasefire and peace deal with Ukraine.

These four refiners regularly buy Russian oil on a delivered basis, but now they have turned to spot markets for replacement supply, including Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil.&nbsp;

Indian state refiners halt Russian oil imports amid Trump's 25% tariff and penalty threat

The European Commission has proposed a floating price cap on Russian oil that would adjust quarterly to stay 15 per cent below global crude benchmarks, a significant policy shift aimed at tightening the squeeze on Moscow’s war revenues while preserving energy market stability. The new mechanism, part of the EU’s 18th sanctions package against Russia, would replace the current $60-per-barrel cap introduced by the G7 in December 2022. That cap has become largely ineffective due to rising global oil prices, with Brent crude settling at $70.36 per barrel on July 11, and Russia’s flagship Urals crude trading just $2 below the existing threshold.EU diplomats said the floating cap would be recalibrated every three months based on the 10-week average of global prices, making it more difficult for Russia to profit while remaining in compliance with international trade rules.<h2>Growing divide with the US</h2>The European Union and the United Kingdom have led efforts to revise the price ceiling, frustrated by US reluctance to lower the cap. Despite tentative American support for a $45-$50 range in 2025, the EU appears prepared to act independently. This divergence reflects ongoing transatlantic tension over how aggressively to enforce restrictions on Russian energy exports.Key EU maritime states, like Greece, Malta, and Cyprus, had previously resisted lowering the cap without broader G7 backing, but they are now open to the floating model, diplomats said. Enforcement, however, remains a major challenge. The cap bans Western firms from trading, shipping, or insuring Russian oil sold above the set price, but the Kremlin has increasingly routed exports through non-compliant countries like China and India.The proposed floating cap is intended to make enforcement more adaptive and difficult to circumvent, but experts warn that arbitrage opportunities could emerge. Non-G7 buyers purchasing Russian oil at steep discounts may profit by reselling it into global markets where higher prices prevail.<h2>Markets and investors watching closely</h2>Energy analysts say the mechanism could trigger shifts in trade flows and benefit shipping and energy infrastructure firms positioned to exploit changing routes and demand. Stocks tied to LNG terminals, renewables, and logistics may see upside amid Europe’s broader energy transition.Still, geopolitical risks persist. Russian retaliation, West Asian tensions, or further supply disruptions could backfire on the EU by spiking prices and undermining the cap’s intent. Final approval of the proposal requires unanimous support from all 27 EU member states, with Slovakia currently holding out over unrelated energy concessions. The Commission aims to finalise the measure in the coming weeks.

EU diplomats said the floating cap would be recalibrated every three months based on the 10-week average of global prices, making it more difficult for Russia to profit while remaining in compliance with international trade rules.

The European Commission has proposed a floating price cap on Russian oil that would adjust quarterly to stay 15 per cent below global crude benchmarks, a significant policy shift aimed at tightening the squeeze on Moscow’s war revenues while preserving energy market stability. The new mechanism, part of the EU’s 18th sanctions package against Russia, would replace the current $60-per-barrel cap introduced by the G7 in December 2022. That cap has become largely ineffective due to rising global oil prices, with Brent crude settling at $70.36 per barrel on July 11, and Russia’s flagship Urals crude trading just $2 below the existing threshold. EU diplomats said the floating cap would be recalibrated every three months based on the 10-week average of global prices, making it more difficult for Russia to profit while remaining in compliance with international trade rules. Growing divide with the US The European Union and the United Kingdom have led efforts to revise the price ceiling, frustrated by US reluctance to lower the cap. Despite tentative American support for a $45-$50 range in 2025, the EU appears prepared to act independently. This divergence reflects ongoing transatlantic tension over how aggressively to enforce restrictions on Russian energy exports. Key EU maritime states, like Greece, Malta, and Cyprus, had previously resisted lowering the cap without broader G7 backing, but they are now open to the floating model, diplomats said. Enforcement, however, remains a major challenge. The cap bans Western firms from trading, shipping, or insuring Russian oil sold above the set price, but the Kremlin has increasingly routed exports through non-compliant countries like China and India. The proposed floating cap is intended to make enforcement more adaptive and difficult to circumvent, but experts warn that arbitrage opportunities could emerge. Non-G7 buyers purchasing Russian oil at steep discounts may profit by reselling it into global markets where higher prices prevail. Markets and investors watching closely Energy analysts say the mechanism could trigger shifts in trade flows and benefit shipping and energy infrastructure firms positioned to exploit changing routes and demand. Stocks tied to LNG terminals, renewables, and logistics may see upside amid Europe’s broader energy transition. Still, geopolitical risks persist. Russian retaliation, West Asian tensions, or further supply disruptions could backfire on the EU by spiking prices and undermining the cap’s intent. Final approval of the proposal requires unanimous support from all 27 EU member states, with Slovakia currently holding out over unrelated energy concessions. The Commission aims to finalise the measure in the coming weeks.

EU diplomats said the floating cap would be recalibrated every three months based on the 10-week average of global prices, making it more difficult for Russia to profit while remaining in compliance with international trade rules.

EU pushes for floating price cap on Russian oil to undercut Kremlin revenues

India’s lucrative petroleum exports may be the next flashpoint in geopolitical tensions, as the European Union prepares to ban imports of fuels refined from Russian crude, including those processed outside Russia.&nbsp;&nbsp;The move could hit a major chunk of India’s outbound shipments, worth over $63 billion in FY25, according to official customs data reviewed by Reuters.&nbsp;The proposed curbs, part of the EU’s 18th Russia sanctions package, come at a time when oil prices are already surging due to the Israel–Iran conflict, adding further volatility to global trade.<h2>EU targets refined fuels, India caught in the crossfire</h2>According to Indian Customs data cited by Reuters, petroleum products made up 14 per cent of India’s total exports in FY25, driven largely by refiners like Reliance Industries and Rosneft-backed Nayara Energy. India’s total fuel exports stood at $84.1 billion in FY24, with Europe emerging as one of the largest buyers.&nbsp;The EU measure, expected to be discussed later this month, would bar imports of diesel, jet fuel, and gasoline derived from Russian crude, regardless of the refining location. The proposal has raised alarm bells in New Delhi because it does not require cooperation from the US or G7, and is being independently driven by Brussels, as reported by Reuters.<h2>Trump’s disengagement from sanctions gives the EU more space</h2>Unlike during the Biden presidency, the current US administration under President Donald Trump has shown limited enthusiasm for expanding Russian sanctions, especially those that could affect energy markets. According to Reuters, Brussels has struggled to get Washington on board with recent rounds of punitive measures.&nbsp;This divergence has led the EU to act unilaterally, creating fresh risks for India, which has continued to import discounted Russian oil while keeping trade ties with the West intact.<h2>Conflict in West Asia complicates timing</h2>The move comes amid escalating tensions in the Gulf. The Israel–Iran conflict, now entering its second week, has pushed Brent crude above $86 per barrel, with fears of shipping disruptions in the Strait of Hormuz, as reported by Bloomberg.&nbsp;India, which imports over 85 per cent of its crude, faces rising freight costs and oil-linked inflation. New sanctions, if passed, could choke off key markets for Indian refiners and raise input costs simultaneously.<h2>Strategic dilemma for India’s oil diplomacy</h2>New Delhi has walked a fine line so far, which is buying Russian crude at a discount while publicly rejecting unilateral sanctions. But experts say the EU’s move could force Indian refiners to pivot, possibly rerouting cargoes to other destinations or facing compliance hurdles.&nbsp;An energy trade expert told Reuters, “Even if the fuel isn’t labelled Russian, the EU could trace its origin through cargo documentation and refinery disclosures.”&nbsp;This would not only complicate exports but also raise transparency and compliance costs for private players.<h2>India’s export outlook at risk</h2>India’s fuel exports have been a lifeline for its trade balance, especially amid tepid global demand for other goods. Losing access to European markets, analysts warn, could shave billions off its annual earnings.&nbsp;With fuel exports contributing $63 billion in FY25 so far, as per Indian Customs and shipping data sourced by Reuters, the stakes couldn’t be higher.As geopolitical tensions mount, India must navigate the fine print of sanctions diplomacy&nbsp;and decide whether to push back, comply quietly, or look east.<h2>What’s next?</h2>The European Commission is expected to finalise the 18th Russia sanctions package later this month, with a formal vote scheduled before the summer recess, according to EU diplomatic sources quoted by Reuters.&nbsp;If adopted, the ban would be the first of its kind to target refined products derived from Russian crude, a shift from previous sanctions that focused on crude oil directly exported from Russia.&nbsp;(With inputs from the agencies)&nbsp;

With Europe being a major buyer of Indian fuel,14% of total exports, this ban could severely affect India trade balance. 

India’s lucrative petroleum exports may be the next flashpoint in geopolitical tensions, as the European Union prepares to ban imports of fuels refined from Russian crude, including those processed outside Russia. The move could hit a major chunk of India’s outbound shipments, worth over $63 billion in FY25, according to official customs data reviewed by Reuters. The proposed curbs, part of the EU’s 18th Russia sanctions package, come at a time when oil prices are already surging due to the Israel–Iran conflict, adding further volatility to global trade. EU targets refined fuels, India caught in the crossfire According to Indian Customs data cited by Reuters, petroleum products made up 14 per cent of India’s total exports in FY25, driven largely by refiners like Reliance Industries and Rosneft-backed Nayara Energy. India’s total fuel exports stood at $84.1 billion in FY24, with Europe emerging as one of the largest buyers. The EU measure, expected to be discussed later this month, would bar imports of diesel, jet fuel, and gasoline derived from Russian crude, regardless of the refining location. The proposal has raised alarm bells in New Delhi because it does not require cooperation from the US or G7, and is being independently driven by Brussels, as reported by Reuters. Trump’s disengagement from sanctions gives the EU more space Unlike during the Biden presidency, the current US administration under President Donald Trump has shown limited enthusiasm for expanding Russian sanctions, especially those that could affect energy markets. According to Reuters, Brussels has struggled to get Washington on board with recent rounds of punitive measures. This divergence has led the EU to act unilaterally, creating fresh risks for India, which has continued to import discounted Russian oil while keeping trade ties with the West intact. Conflict in West Asia complicates timing The move comes amid escalating tensions in the Gulf. The Israel–Iran conflict, now entering its second week, has pushed Brent crude above $86 per barrel, with fears of shipping disruptions in the Strait of Hormuz, as reported by Bloomberg. India, which imports over 85 per cent of its crude, faces rising freight costs and oil-linked inflation. New sanctions, if passed, could choke off key markets for Indian refiners and raise input costs simultaneously. Strategic dilemma for India’s oil diplomacy New Delhi has walked a fine line so far, which is buying Russian crude at a discount while publicly rejecting unilateral sanctions. But experts say the EU’s move could force Indian refiners to pivot, possibly rerouting cargoes to other destinations or facing compliance hurdles. An energy trade expert told Reuters, “Even if the fuel isn’t labelled Russian, the EU could trace its origin through cargo documentation and refinery disclosures.” This would not only complicate exports but also raise transparency and compliance costs for private players. India’s export outlook at risk India’s fuel exports have been a lifeline for its trade balance, especially amid tepid global demand for other goods. Losing access to European markets, analysts warn, could shave billions off its annual earnings. With fuel exports contributing $63 billion in FY25 so far, as per Indian Customs and shipping data sourced by Reuters, the stakes couldn’t be higher. As geopolitical tensions mount, India must navigate the fine print of sanctions diplomacy and decide whether to push back, comply quietly, or look east. What’s next? The European Commission is expected to finalise the 18th Russia sanctions package later this month, with a formal vote scheduled before the summer recess, according to EU diplomatic sources quoted by Reuters. If adopted, the ban would be the first of its kind to target refined products derived from Russian crude, a shift from previous sanctions that focused on crude oil directly exported from Russia. (With inputs from the agencies)

India’s petroleum exports, worth over $63 billion for FY25, are threatened by the EU's proposed ban on fuels refined from Russian crude, impacting a significant portion of its outbound shipments.

Is India’s fuel export in trouble as the EU eyes Russian-origin crude bans?

Despite aggressive sanctions to counter Russia's war chest, the European Union continues to import Russian fossil fuels in significant volumes. According to the latest report by the Centre for Research on Energy &amp; Clean Air (CREA), the EU spent $23 billion on Russian fuels in 2024. This is a 6 per cent value drop year-on-year but only a 1 per cent reduction in volume. Notably, the EU's fossil fuels from Russia exceeded the $19.5 billion in financial aid it provided to Ukraine in 2024. &nbsp;
<h2>Oil revenues fuel Russia's war chest</h2>
According to CREA, Russia's total fossil fuel revenues in the third year of the invasion reached $253 billion. The total earnings since 2022 have surpassed $885 billion. Despite Western sanctions targeting Russia's oil fleet, the revenues have only dropped by 8 per cent compared to pre-invasion levels.
Meanwhile, Europe has scrambled to reduce its dependency on Russian energy. While gas imports have fallen from 45 per cent in 2021 to 18 per cent in 2024, the EU still accounts for almost one-quarter of Russia's fossil fuel revenues. EU recently came up with the latest sanctions on Russia against the backdrop of Trump-Putin 'peace talks.' While the US is considering a softer stance on Russia, the EU continues to maintain a sanctions grip on Russia's war revenues.
<h2>Russia's 'sanctions evasion' tactics</h2>
Russia has adapted to sanctions by re-routing oil exports using a growing 'shadow' fleet. A total of 558 Russian shadow vessels worked overtime in 2024 to deliver oil worth $87 billion. China, India, and Turkiye bought the bulk of Russia's oil, with China leading with $81.6 billion. Indirect flow of Russian oil to G7 countries via India and Turkiye also surged, with imports worth $18.8 billion.
The report highlights 'ship-to-ship' transfers conducted on EU waters. Russia trans-shipped 5.2 million tonnes in 2024, with 43 per cent involving shadow tankers. The highest STS activity was recorded in Greece, Romania, Italy, and Malta. Over 87 'hub tankers' have been identified since 2022, with 68 still active.
The report also raises environmental concerns around shadow tankers, with damages reaching over $1 billion dollars.&nbsp;

Business & Economy, Despite Western sanctions targeting Russia's oil fleet, the revenues have only dropped by 8 per cent compared to pre-invasion levels.

Despite aggressive sanctions to counter Russia's war chest, the European Union continues to import Russian fossil fuels in significant volumes. According to the latest report by the Centre for Research on Energy & Clean Air (CREA), the EU spent $23 billion on Russian fuels in 2024. This is a 6 per cent value drop year-on-year but only a 1 per cent reduction in volume. Notably, the EU's fossil fuels from Russia exceeded the $19.5 billion in financial aid it provided to Ukraine in 2024. Oil revenues fuel Russia's war chest According to CREA, Russia's total fossil fuel revenues in the third year of the invasion reached $253 billion. The total earnings since 2022 have surpassed $885 billion. Despite Western sanctions targeting Russia's oil fleet, the revenues have only dropped by 8 per cent compared to pre-invasion levels. Meanwhile, Europe has scrambled to reduce its dependency on Russian energy. While gas imports have fallen from 45 per cent in 2021 to 18 per cent in 2024, the EU still accounts for almost one-quarter of Russia's fossil fuel revenues. EU recently came up with the latest sanctions on Russia against the backdrop of Trump-Putin 'peace talks.' While the US is considering a softer stance on Russia, the EU continues to maintain a sanctions grip on Russia's war revenues. Russia's 'sanctions evasion' tactics Russia has adapted to sanctions by re-routing oil exports using a growing 'shadow' fleet. A total of 558 Russian shadow vessels worked overtime in 2024 to deliver oil worth $87 billion. China, India, and Turkiye bought the bulk of Russia's oil, with China leading with $81.6 billion. Indirect flow of Russian oil to G7 countries via India and Turkiye also surged, with imports worth $18.8 billion. The report highlights 'ship-to-ship' transfers conducted on EU waters. Russia trans-shipped 5.2 million tonnes in 2024, with 43 per cent involving shadow tankers. The highest STS activity was recorded in Greece, Romania, Italy, and Malta. Over 87 'hub tankers' have been identified since 2022, with 68 still active. The report also raises environmental concerns around shadow tankers, with damages reaching over $1 billion dollars.

Europe's 'Russian energy' paradox: Russian gas purchases in 2024 exceed aid sent to Ukraine

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

Since October 2023, sanctions imposed by the US, UK, and EU have targeted dozens of Russian oil tankers. The impact has been significant. Over half, or 53, of these sanctioned vessels currently sit idle.

53 Russian oil tankers go idle due to sanctions

We look at whether the G7's sanctions on Russia are working. The sanctions aim to reduce the inflow of petrodollars - key to financing the Kremlin's war against Ukraine. However, Russia's oil revenues have risen. Take a look at this report to know more.

Russia's oil proceeds to the budget jumps by almost 50% in May

Russia is winning the sanctions game. The sanctions aimed to reduce the inflow of petro dollars which is the key to financing the war against Ukraine. However, Russia's oil revenue rose 50% in May.

Russia's crude prices rise as the nation adapts to sanction |

A Ukrainian intelligence source on Wednesday (Apr 24) said that drones sent by Ukraine's SBU security service struck two Rosneft-owned oil depots in Russia's Smolensk region in an overnight attack.&nbsp;

The news agency Reuters reported citing a source that the depots contained 26,000 cubic metres of fuel and that the attack caused major fires and evacuation of personnel.&nbsp;

"The SBU continues to effectively destroy military infrastructure and logistics that provide fuel to the Russian army in Ukraine. These facilities are and will remain our absolutely legitimate targets," the source said.&nbsp;

The news agency said that the emergency services worked on sites and some residents were evacuated from parts of Lipetsk in Russia's southwest. Russian regional officials said earlier that fires had broken out at the facilities in the aftermath of the drone attack.&nbsp;

Vasily Anokhin, who is the governor of the Smolensk region, said in a statement on the Telegram messaging app that there were no casualties reported in the attack. &nbsp; 
 
Disclaimer: A number of claims and counterclaims are being made on Ukraine-Russia war on the ground and online. While WION takes utmost care to accurately and responsibly report ongoing developments, we cannot independently verify the authenticity of all statements, photos and videos

(With inputs from agencies)

A Ukrainian intelligence source on Wednesday (Apr 24) said that drones sent by Ukraine's SBU security service struck two Rosneft-owned oil depots in Russia's Smolensk region in an overnight attack.

A Ukrainian intelligence source on Wednesday (Apr 24) said that drones sent by Ukraine's SBU security service struck two Rosneft-owned oil depots in Russia's Smolensk region in an overnight attack. The news agency Reuters reported citing a source that the depots contained 26,000 cubic metres of fuel and that the attack caused major fires and evacuation of personnel. "The SBU continues to effectively destroy military infrastructure and logistics that provide fuel to the Russian army in Ukraine. These facilities are and will remain our absolutely legitimate targets," the source said. The news agency said that the emergency services worked on sites and some residents were evacuated from parts of Lipetsk in Russia's southwest. Russian regional officials said earlier that fires had broken out at the facilities in the aftermath of the drone attack. Vasily Anokhin, who is the governor of the Smolensk region, said in a statement on the Telegram messaging app that there were no casualties reported in the attack. Disclaimer: A number of claims and counterclaims are being made on Ukraine-Russia war on the ground and online. While WION takes utmost care to accurately and responsibly report ongoing developments, we cannot independently verify the authenticity of all statements, photos and videos (With inputs from agencies)

Ukraine claims to have attacked two Russian oil depots

Turkey and Turkish companies have managed to save approximately $2 billion on energy bills in 2023 by significantly increasing imports of discounted Russian oil and refined products, a Reuters calculation based on LSEG data and traders' estimates has revealed. Despite Western sanctions, Ankara expresses its intention to further strengthen ties with Russia, emerging as the primary importer of Russian energy in the Western hemisphere.<o:p></o:p>

Rising Russian Imports and Savings<o:p></o:p>

Following Russia's invasion of Ukraine, European countries reduced imports of Russian oil and gas, turning Turkey into the largest importer of Russian energy in the Western hemisphere. Proximity to Russian ports grants Turkey substantial savings on freight costs, with estimates suggesting savings of $2 billion on energy bills this year.<o:p></o:p>

Record High Crude Shipments to Turkey<o:p></o:p>

In November 2023, shipments of Russian Urals crude oil to Turkey reached an all-time high of 400,000 barrels per day, accounting for 14 per cent of Russia's overall seaborne oil exports last month. This surge in crude oil imports contributes significantly to Turkey's energy cost savings.<o:p></o:p>

Expanding Energy Partnership<o:p></o:p>

Private Russian oil producer Lukoil recently signed a deal with Azeri firm SOCAR to refine up to 200,000 barrels per day of its oil at Socar’s Turkish STAR refinery, suggesting a further increase in supplies to Turkey. While Russia's energy ministry declined to comment, Turkey's energy ministry, Turpas, and STAR refiner did not respond to requests for comments.<o:p></o:p>

Surge in Refined Product Imports<o:p></o:p>

In addition to rising crude supplies, Turkey has witnessed a 200 per cent increase in imports of Russian diesel, heating oil, jet fuel, and marine fuel from January to November 2023, reaching approximately 0.29 million barrels per day. Russia supplied Turkey with 13 million tonnes of distillates during this period, compared to 4.3 million tonnes in the same period in 2022.<o:p></o:p>

Economic Impact on Turkey<o:p></o:p>

Turkey's strategy of importing discounted Russian oil has proven economically beneficial, with reported savings of between $25 and $150 per ton of Russia diesel and $5-20 per barrel for crude. These savings have played a crucial role in helping Turkey narrow its trade deficit and alleviate pressure on its currency, which has devalued by 30 per cent this year.<o:p></o:p>

Accusations and Denials<o:p></o:p>

While accusations from activists and supporters of Ukraine suggest that Turkey is aiding Russia in bypassing sanctions, the country denies these claims, asserting that it is exporting fuels refined from various types of crude. Critics argue that Turkey's actions may indirectly be helping Russia channel its products to Europe.<o:p></o:p>

A Global Trend<o:p></o:p>

Turkey's approach to save on Russian oil purchases is not unique, as India, refusing to join sanctions against Moscow, has increased imports of Russian oil by 77 per cent in 2023, saving roughly $2.7 billion. Both countries enjoy significant savings on freight rates compared to other importers like India.<o:p></o:p>

Strategic Talks on Russian Gas Hub<o:p></o:p>

In the midst of these developments, Moscow and Ankara are engaged in discussions to set up a hub for Russian gas in Turkey. This initiative aligns with Ankara's longstanding desire to become a major energy distribution hub for southern Europe, offering Russia an alternative route for its gas exports amidst reduced purchases by the EU.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

<o:p></o:p>

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Turkey and Turkish companies have managed to save approximately $2 billion on energy bills in 2023 by significantly increasing imports of discounted Russian oil and refined products, a Reuters calculation based on LSEG data and traders' estimates has revealed.

Turkey and Turkish companies have managed to save approximately $2 billion on energy bills in 2023 by significantly increasing imports of discounted Russian oil and refined products, a Reuters calculation based on LSEG data and traders' estimates has revealed. Despite Western sanctions, Ankara expresses its intention to further strengthen ties with Russia, emerging as the primary importer of Russian energy in the Western hemisphere. Rising Russian Imports and Savings Following Russia's invasion of Ukraine, European countries reduced imports of Russian oil and gas, turning Turkey into the largest importer of Russian energy in the Western hemisphere. Proximity to Russian ports grants Turkey substantial savings on freight costs, with estimates suggesting savings of $2 billion on energy bills this year. Record High Crude Shipments to Turkey In November 2023, shipments of Russian Urals crude oil to Turkey reached an all-time high of 400,000 barrels per day, accounting for 14 per cent of Russia's overall seaborne oil exports last month. This surge in crude oil imports contributes significantly to Turkey's energy cost savings. Expanding Energy Partnership Private Russian oil producer Lukoil recently signed a deal with Azeri firm SOCAR to refine up to 200,000 barrels per day of its oil at Socar’s Turkish STAR refinery, suggesting a further increase in supplies to Turkey. While Russia's energy ministry declined to comment, Turkey's energy ministry, Turpas, and STAR refiner did not respond to requests for comments. Surge in Refined Product Imports In addition to rising crude supplies, Turkey has witnessed a 200 per cent increase in imports of Russian diesel, heating oil, jet fuel, and marine fuel from January to November 2023, reaching approximately 0.29 million barrels per day. Russia supplied Turkey with 13 million tonnes of distillates during this period, compared to 4.3 million tonnes in the same period in 2022. Economic Impact on Turkey Turkey's strategy of importing discounted Russian oil has proven economically beneficial, with reported savings of between $25 and $150 per ton of Russia diesel and $5-20 per barrel for crude. These savings have played a crucial role in helping Turkey narrow its trade deficit and alleviate pressure on its currency, which has devalued by 30 per cent this year. Accusations and Denials While accusations from activists and supporters of Ukraine suggest that Turkey is aiding Russia in bypassing sanctions, the country denies these claims, asserting that it is exporting fuels refined from various types of crude. Critics argue that Turkey's actions may indirectly be helping Russia channel its products to Europe. A Global Trend Turkey's approach to save on Russian oil purchases is not unique, as India, refusing to join sanctions against Moscow, has increased imports of Russian oil by 77 per cent in 2023, saving roughly $2.7 billion. Both countries enjoy significant savings on freight rates compared to other importers like India. Strategic Talks on Russian Gas Hub In the midst of these developments, Moscow and Ankara are engaged in discussions to set up a hub for Russian gas in Turkey. This initiative aligns with Ankara's longstanding desire to become a major energy distribution hub for southern Europe, offering Russia an alternative route for its gas exports amidst reduced purchases by the EU. (With inputs from Reuters) WATCH WION LIVE HERE

Turkey saves billions on Russian oil amid sanctions, boosting imports

Russia's monthly income from oil exports is booming. It's now greater than it was before the ukraine war. A Bloomberg report report indicates that the price cap on Russian oil has effectively failed. Russia's net income from oil stood at $11.3 billion in october. this was the highest monthly income from oil exports since the war last year.

Russia's monthly income from oil exports is booming: Reports

India's import of Russian oil eased in October after an increase in prices. However, oil supply from Saudi Arabia rose. Indian refiners have slowed Russian oil imports in recent months from the nearly 2 million barrels per peak seen earlier this year as discounts have narrowed.

India's Russian oil imports fall in October as prices rise

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