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>

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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

The Russian rouble’s instability reveals a weakness in President Valdimir Putin’s tight-lipped economy, which the Kremlin’s economic team promptly patched up, allowing the currency to temporarily regain its stability, The Associated Press reported.

The Russian economy is beset by a challenge: how to finance the military without weakening the national currency and overheating the economy with inflation. Reports say that the patch, an emergency interest rate increase, cannot solve this problem.

A few economic setbacks are clear, particularly for the auto sector when Western manufacturers stopped doing business in Russia. However, Chinese auto imports have been steadily increasing.

Although it is exorbitantly expensive and constrained by visa and airline restrictions, the wealthy continue to manage it and those on low incomes couldn’t afford it to begin with.

Russia being one of the largest oil exporters in the world is now under pressure to devalue its currency because of Western sanctions that are reducing the amount of money it makes from exporting oil. As a result, the country’s trade surplus with the rest of the globe is decreasing. Additionally, Russian consumers and businesses are purchasing more imported goods.

The rouble is usually supported when export revenues exceed import expenses. While the rouble has progressively fallen due to the shrinking trade surplus, Moscow has gained because a lower exchange rate actually makes it easier for the government to pay its expenditures.

This is due to the fact that the dollars made from the sale of oil may be converted into more rubles, which can then be used to fund government operations, employee wages, and pensions.

However, the Russian ruble fell to its lowest on August 14, below 100 rubles to the dollar. In order to reduce local demand for imports, the central bank implemented a significant emergency interest rate increase of 3.5 percentage points. After the rate hike, the currency increased to 92 to the dollar, but it has since slowly declined; on Wednesday, it was trading at 96 to the dollar.

Even while the currency rate is lower than it was at 60 rubles to the dollar last year, an economic crisis may not arise if a freefall can be prevented.

Following the 2014 capture of Ukraine’s Crimean Peninsula, the Kremlin has worked to protect the economy from sanctions. By forbidding imports from the European Union, it also forced manufacturers to obtain parts locally and has moved food production to local businesses.

The government has strong reserves and little debt as a result of oil revenue, while sanctions have blocked nearly half of those reserves.

But in the long run, Robin Brooks, chief economist at the Institute of International Finance, warned that Putin’s military spending and sanctions are putting Russia's economy under “slow burn” strain.

Not all is lost for Russia&nbsp;

Despite extensive sanctions related to the Ukraine conflict and the departure of hundreds of well-known Western enterprises, life in Moscow appears to be going on as usual.

On first glance, malls don’t appear to have altered, but consumers now find new apparel companies like Maag and Vilet where Zara and H&amp;M once had their stores.&nbsp;Additionally, the Krispy Kreme that once had its outlet in the Evropeyskaya Mall could be confused for the doughnut vendor Krunchy Dream as the branding is identical. Banks offer stickers with a chip that allows mobile payment as Apple Pay is no longer operational in the country.

Reports say that economic indicators are within normal bounds. Economic growth has exceeded expectations, unemployment is low, and inflation, which was 4 per cent in July according to Russian standards, is high for those with low incomes.

As more items pass through neighbouring nations like Kazakhstan and Armenia to evade sanctions, imports into Russia are on the rise. Money is being given to people and businesses through government spending on the military and social programs, some of which is being spent on imported goods.

Salaries are also being supported by labour shortages brought on by emigration, while government-backed mortgages encourage real estate transactions.

WATCH WION LIVE HERE

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The Russian rouble’s instability reveals a weakness in President Valdimir Putin’s tight-lipped economy, which the Kremlin’s economic team promptly patched up, allowing the currency to temporarily regain its stability, The Associated Press reported.

The Russian rouble’s instability reveals a weakness in President Valdimir Putin’s tight-lipped economy, which the Kremlin’s economic team promptly patched up, allowing the currency to temporarily regain its stability, The Associated Press reported. The Russian economy is beset by a challenge: how to finance the military without weakening the national currency and overheating the economy with inflation. Reports say that the patch, an emergency interest rate increase, cannot solve this problem. A few economic setbacks are clear, particularly for the auto sector when Western manufacturers stopped doing business in Russia. However, Chinese auto imports have been steadily increasing. Although it is exorbitantly expensive and constrained by visa and airline restrictions, the wealthy continue to manage it and those on low incomes couldn’t afford it to begin with. Russia being one of the largest oil exporters in the world is now under pressure to devalue its currency because of Western sanctions that are reducing the amount of money it makes from exporting oil. As a result, the country’s trade surplus with the rest of the globe is decreasing. Additionally, Russian consumers and businesses are purchasing more imported goods. The rouble is usually supported when export revenues exceed import expenses. While the rouble has progressively fallen due to the shrinking trade surplus, Moscow has gained because a lower exchange rate actually makes it easier for the government to pay its expenditures. This is due to the fact that the dollars made from the sale of oil may be converted into more rubles, which can then be used to fund government operations, employee wages, and pensions. However, the Russian ruble fell to its lowest on August 14, below 100 rubles to the dollar. In order to reduce local demand for imports, the central bank implemented a significant emergency interest rate increase of 3.5 percentage points. After the rate hike, the currency increased to 92 to the dollar, but it has since slowly declined; on Wednesday, it was trading at 96 to the dollar. Even while the currency rate is lower than it was at 60 rubles to the dollar last year, an economic crisis may not arise if a freefall can be prevented. Following the 2014 capture of Ukraine’s Crimean Peninsula, the Kremlin has worked to protect the economy from sanctions. By forbidding imports from the European Union, it also forced manufacturers to obtain parts locally and has moved food production to local businesses. The government has strong reserves and little debt as a result of oil revenue, while sanctions have blocked nearly half of those reserves. But in the long run, Robin Brooks, chief economist at the Institute of International Finance, warned that Putin’s military spending and sanctions are putting Russia's economy under “slow burn” strain. Not all is lost for Russia Despite extensive sanctions related to the Ukraine conflict and the departure of hundreds of well-known Western enterprises, life in Moscow appears to be going on as usual. On first glance, malls don’t appear to have altered, but consumers now find new apparel companies like Maag and Vilet where Zara and H&M once had their stores. Additionally, the Krispy Kreme that once had its outlet in the Evropeyskaya Mall could be confused for the doughnut vendor Krunchy Dream as the branding is identical. Banks offer stickers with a chip that allows mobile payment as Apple Pay is no longer operational in the country. Reports say that economic indicators are within normal bounds. Economic growth has exceeded expectations, unemployment is low, and inflation, which was 4 per cent in July according to Russian standards, is high for those with low incomes. As more items pass through neighbouring nations like Kazakhstan and Armenia to evade sanctions, imports into Russia are on the rise. Money is being given to people and businesses through government spending on the military and social programs, some of which is being spent on imported goods. Salaries are also being supported by labour shortages brought on by emigration, while government-backed mortgages encourage real estate transactions. WATCH WION LIVE HERE

Russia’s earning from oil stays low as war expenses mount: Report  

Controversy erupted after a Russian journalist was&nbsp;forced out of the press room before the joint press briefing of Pakistan Foreign Minister Bilawal Bhutto and his Ukrainian counterpart&nbsp;Dmytro Kuleba in Islamabad on Thursday.&nbsp;

The journalist identified as Ruslan Bekniyazov is the senior correspondent of the ITAR-TASS news agency in Pakistan. The incident took place on the first day of Kuleba's two-day bilateral visit to the South Asian nation.&nbsp;&nbsp;

According to local media reports,&nbsp;Bekniyazov was pushed out of the press room at the suggestion of the Ukrainian embassy in Pakistan. The officials conveyed to the foreign office that no Russian journalists be allowed to attend the joint presser.&nbsp;

After the incident, the Russian embassy in Pakistan took to Twitter to release a statement and sought clarity on the issue.&nbsp;

“Russian embassy in Pakistan stands in solidarity with the Pakistani colleagues of a Russian journalist&nbsp;@RBekniyazov. It is inadmissible to violate reporters’ rights to access information,” the embassy tweeted.

"It is inadmissible to violate reporter's right to access information, In this regard, the Embassy requested the @ForeignOfficePk to provide clarity on the incident," it added.&nbsp;

<img alt="Pakistan" data-entity-type="file" data-entity-uuid="d7f94c06-db16-4a0d-90c5-6be1afb827ee" src="//cdn.wionews.com/sites/default/files/inline-images/Screenshot%202023-07-20%20231909.png" />

Notably, the tweet was soon deleted, suggesting that some communication had taken place between the two countries.&nbsp;

<h2>Pak received first shipment of oil from Russia</h2>

Experts stated that the incident can offset the relations between Russia and Pakistan after the latter imported the first shipment of oil from Moscow in April. At a time when Pakistan is still facing economic hardships, despite securing a bailout package from International Monetary Fund (IMF), the cheap Russian crude offers an opportunity to balance its cash books.&nbsp;

<a href="https://www.wionews.com/south-asia/pakistan-purchases-first-cargo-of-discounted-russian-oil-584524">Also read |&nbsp;Pakistan purchases first cargo of discounted Russian oil</a>

On Friday, during the meeting, both Pakistan and Ukraine denied that an arms supply deal was in place in the backdrop of the Russian invasion.&nbsp;&nbsp;

“I can confirm there are no intergovernmental arrangements between Pakistan and Ukraine in this area," said&nbsp;Kuleba,&nbsp;whose visit was the first&nbsp;by any foreign minister of Ukraine since the two countries established bilateral ties in 1993.

<a href="https://www.wionews.com/videos/is-pakistans-economic-crisis-getting-worse-550882">WATCH |&nbsp;Is Pakistan's economic crisis getting worse?</a>

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Despite toeing a neutral stance on the war, reports have emerged multiple times, suggesting that Pakistan may have been supplying arms to Ukraine.&nbsp;

Akin to Kuleba,&nbsp;Bilawal also rebutted such reports, claiming that Pakistan&nbsp;was strictly adhering to the policy of non-partisanship.

“We find it regrettable that certain media outlets are trying to publish unfounded reports alleging military supplies to Ukraine,” said Bilawal, adding,&nbsp;“Since the war began we have not concluded any agreement on defence supplies to Ukraine keeping in view our principled and consistent non-partisan position."

(With inputs from agencies)

&nbsp;

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Controversy erupted after a Russian journalist was forced out of the press room before the joint press briefing of Pakistan Foreign Minister Bilawal Bhutto and his Ukrainian counterpart Dmytro Kuleba in Islamabad on Thursday.

Controversy erupted after a Russian journalist was forced out of the press room before the joint press briefing of Pakistan Foreign Minister Bilawal Bhutto and his Ukrainian counterpart Dmytro Kuleba in Islamabad on Thursday. The journalist identified as Ruslan Bekniyazov is the senior correspondent of the ITAR-TASS news agency in Pakistan. The incident took place on the first day of Kuleba's two-day bilateral visit to the South Asian nation. According to local media reports, Bekniyazov was pushed out of the press room at the suggestion of the Ukrainian embassy in Pakistan. The officials conveyed to the foreign office that no Russian journalists be allowed to attend the joint presser. After the incident, the Russian embassy in Pakistan took to Twitter to release a statement and sought clarity on the issue. “Russian embassy in Pakistan stands in solidarity with the Pakistani colleagues of a Russian journalist @RBekniyazov. It is inadmissible to violate reporters’ rights to access information,” the embassy tweeted. "It is inadmissible to violate reporter's right to access information, In this regard, the Embassy requested the @ForeignOfficePk to provide clarity on the incident," it added. Notably, the tweet was soon deleted, suggesting that some communication had taken place between the two countries. Pak received first shipment of oil from Russia Experts stated that the incident can offset the relations between Russia and Pakistan after the latter imported the first shipment of oil from Moscow in April. At a time when Pakistan is still facing economic hardships, despite securing a bailout package from International Monetary Fund (IMF), the cheap Russian crude offers an opportunity to balance its cash books. Also read | Pakistan purchases first cargo of discounted Russian oil On Friday, during the meeting, both Pakistan and Ukraine denied that an arms supply deal was in place in the backdrop of the Russian invasion. “I can confirm there are no intergovernmental arrangements between Pakistan and Ukraine in this area," said Kuleba, whose visit was the first by any foreign minister of Ukraine since the two countries established bilateral ties in 1993. WATCH | Is Pakistan's economic crisis getting worse? Despite toeing a neutral stance on the war, reports have emerged multiple times, suggesting that Pakistan may have been supplying arms to Ukraine. Akin to Kuleba, Bilawal also rebutted such reports, claiming that Pakistan was strictly adhering to the policy of non-partisanship. “We find it regrettable that certain media outlets are trying to publish unfounded reports alleging military supplies to Ukraine,” said Bilawal, adding, “Since the war began we have not concluded any agreement on defence supplies to Ukraine keeping in view our principled and consistent non-partisan position." (With inputs from agencies) WATCH WION LIVE HERE:

Russian journalist expelled from joint presser of Ukrainian, Pakistan foreign ministers

India's import of&nbsp;Russian oil has reached unprecedented levels, surpassing the combined oil purchases from Saudi Arabia, Iraq, the UAE, and the US.

India imported 1.96 million barrels per day&nbsp;from Russia in May alone, marking a 15 percent increase from the previous high in April. These statistics, obtained from energy cargo tracker Vortexa, highlight Russia's rising dominance in India's crude oil market, constituting almost 42 percent of all oil imported that month.

The surge in Russia's share came at the expense of traditional Middle Eastern suppliers. Shipments from Saudi Arabia dropped to their lowest level since February 2021, totaling 560,000 tonnes. The Organization of the Petroleum Exporting Countries (OPEC) also witnessed a decline, with its share in India's oil imports reaching an all-time low of 39 percent in May. Previously, OPEC, primarily comprising countries from the Middle East and Africa, accounted for up to 90 percent of India's crude oil imports. However, the availability of discounted Russian oil following Moscow's invasion of Ukraine in February last year prompted a shift in India's import sources.

For the eighth consecutive month, Russia emerged as the largest single supplier of crude oil to India.&nbsp;The country has&nbsp;now surpassed&nbsp;the combined purchases from Iraq and Saudi Arabia, which were India's primary suppliers in the past decade, as well as the UAE and the US. Iraq supplied 0.83 million bpd of oil in May, while the UAE shipped 203,000 bpd, and the US accounted for 138,000 barrels per day.

Factors Driving the Trend

The dramatic increase in imports from Russia can be attributed to Indian refiners capitalizing on the availability of abundant Russian crude, which is offered at a discount compared to other grades. Previously, Indian refiners were deterred by high freight costs associated with Russian oil, but they now find it economically favorable. Refiners have grown confident in processing Russian crude, leading to a voracious appetite for this source. Industry experts cited by various news agencies predict that Indian refiners will continue to increase their reliance on Russian crude as long as they can back off from spot crude purchases.

One of the key drivers behind the surge in imports is the favorable pricing. In April, the average cost of Russian crude, including freight costs, landed on Indian shores at $68.21 per barrel, the lowest level since the Ukraine conflict began. In comparison, Saudi Arabian crude was priced at $86.96 per barrel, while Iraqi oil stood at $77.77 per barrel. Although the May import price has not yet been released, the cost advantage enjoyed by Russian oil makes it an attractive option for Indian refiners.

Russia's increased oil sales to India are partly attributed to the European Union's ban on Russian seaborne oil imports and the imposition of a $60-per-barrel price cap in December. These restrictions prevent other countries from utilizing EU shipping and insurance services unless they sell oil below the cap. Industry officials have revealed that Indian refiners are leveraging the UAE's dirham to pay for oil imported at prices lower than $60, further facilitating the Russian oil trade.

India's import of Russian oil has reached unprecedented levels, surpassing the combined oil purchases from Saudi Arabia, Iraq, the UAE, and the US. India imported 1.

India's import of Russian oil has reached unprecedented levels, surpassing the combined oil purchases from Saudi Arabia, Iraq, the UAE, and the US. India imported 1.96 million barrels per day from Russia in May alone, marking a 15 percent increase from the previous high in April. These statistics, obtained from energy cargo tracker Vortexa, highlight Russia's rising dominance in India's crude oil market, constituting almost 42 percent of all oil imported that month. The surge in Russia's share came at the expense of traditional Middle Eastern suppliers. Shipments from Saudi Arabia dropped to their lowest level since February 2021, totaling 560,000 tonnes. The Organization of the Petroleum Exporting Countries (OPEC) also witnessed a decline, with its share in India's oil imports reaching an all-time low of 39 percent in May. Previously, OPEC, primarily comprising countries from the Middle East and Africa, accounted for up to 90 percent of India's crude oil imports. However, the availability of discounted Russian oil following Moscow's invasion of Ukraine in February last year prompted a shift in India's import sources. For the eighth consecutive month, Russia emerged as the largest single supplier of crude oil to India. The country has now surpassed the combined purchases from Iraq and Saudi Arabia, which were India's primary suppliers in the past decade, as well as the UAE and the US. Iraq supplied 0.83 million bpd of oil in May, while the UAE shipped 203,000 bpd, and the US accounted for 138,000 barrels per day. Factors Driving the Trend The dramatic increase in imports from Russia can be attributed to Indian refiners capitalizing on the availability of abundant Russian crude, which is offered at a discount compared to other grades. Previously, Indian refiners were deterred by high freight costs associated with Russian oil, but they now find it economically favorable. Refiners have grown confident in processing Russian crude, leading to a voracious appetite for this source. Industry experts cited by various news agencies predict that Indian refiners will continue to increase their reliance on Russian crude as long as they can back off from spot crude purchases. One of the key drivers behind the surge in imports is the favorable pricing. In April, the average cost of Russian crude, including freight costs, landed on Indian shores at $68.21 per barrel, the lowest level since the Ukraine conflict began. In comparison, Saudi Arabian crude was priced at $86.96 per barrel, while Iraqi oil stood at $77.77 per barrel. Although the May import price has not yet been released, the cost advantage enjoyed by Russian oil makes it an attractive option for Indian refiners. Russia's increased oil sales to India are partly attributed to the European Union's ban on Russian seaborne oil imports and the imposition of a $60-per-barrel price cap in December. These restrictions prevent other countries from utilizing EU shipping and insurance services unless they sell oil below the cap. Industry officials have revealed that Indian refiners are leveraging the UAE's dirham to pay for oil imported at prices lower than $60, further facilitating the Russian oil trade.

Russia becomes India's top oil supplier, surpasses Saudi Arabia and Iraq

India has emerged as one of the top buyers of Russian oil after Moscow invaded Ukraine. Historically allies, the two countries are settling a greater share of the trade in national currencies after Russia was cut off from the US dollar-dominated global payments systems.

India has emerged as one of the top buyers of Russian oil after Moscow invaded Ukraine. Historically allies, the two countries are settling a greater share of the trade in national currencies after Russia was cut off from the US dollar-dominated global payments systems. Though it seems like a win-win situation for everybody, there is a problem. Russia does not know how to reap the benefits of this trade. Moscow is currently accumulating $1 billion in rupee assets each month that remain stranded outside the country, primarily due to the lopsided trade relationship, a Bloomberg report has claimed. Every quarter, the trade imbalance is likely to generate the equivalent of $2 billion to $3 billion that Russia can’t use. Over the course of 2022, the amount would have added to an estimated $147 billion in net foreign assets built up abroad, the report added. The sum stuck is huge and it can be gauged by the fact that Russia spent 5.51 trillion rubles or $68 billion on defence in 2022, according to a Reuters report. WATCH | How fuels from Russian oil are getting backdoor entry into Europe via India × India-Russia back to the drawing board To find an alternative, the two nations have gone back to the drawing board. One of the ways out is to establish various payment mechanisms, including investments in India’s capital markets by Russian entities. However, the solution is still not simple as Russia cannot use the entire tranche as India has restrictions over capital flows by foreign investors. The other option is to use currencies of a third country such as China's yuan or UAE's dirham. Though an agreement on such a solution is highly unlikely. "Russia’s trade with India is increasingly imbalanced. India’s exports to Russia haven’t caught up with booming imports, but there’s a limited appetite in Russia to save its current-account surplus in rupees," said Alexander Isakov, Russia economist at Bloomberg Economics. "There are no alternative oil importers of India's calibre on the horizon for Russia, so exporters and banks will gradually accept settlement in rupees," he added. Will India increase oil imports? Even if India wanted to increase its oil imports, Moscow decreasing the discount on oil prices has done no favour to bolster that sentiment. Steep discounts that New Delhi enjoyed through most of FY23 have plunged due to Chinese demand and a cut at the oil producers' end, a Mint report claimed recently. Also read | India losing 'steep discounts' on Russian crude oil due to China: Report During FY23, by providing discounts amidst the Ukraine conflict, Russia became a significant provider of oil to Indian refiners for the first time. As a result, in the 11 months leading up to February of the previous fiscal year, India imported crude oil worth $27 billion from its strategic partner, placing the Russian Federation in second place for Indian oil imports. (With inputs from agencies) WATCH WION LIVE HERE:

Russia does not know what to do with $147bn in rupees it has amassed

Veteran oil industry analyst Paul Sankey has sounded the alarm on&nbsp;the rising&nbsp;Russian oil exports to Asia and its threat&nbsp;to Saudi Arabia's dominance in the global oil market.&nbsp;

In a recent interview with Bloomberg TV, Sankey pointed out that Saudi Arabia's price premiums were being eroded by the increasing competition from Russian oil, making it a pressing concern for the oil-rich kingdom.

Sankey expressed skepticism towards Saudi Arabia's claims that market short sellers were solely responsible for the underwhelming oil prices. Instead, he emphasised that the overall oil balance, particularly the challenge posed by Russia, should be the primary focus for the Saudis.&nbsp;

While squeezing speculators may provide short-term relief, the long-term problem lies in addressing the competition from Russia and maintaining market share, he argued.&nbsp;

"Frankly, I don't know why they're so obsessed with speculators. I mean, you can squeeze speculators on a short-term basis. But the real problem is the overall oil balance," Sankey told Bloomberg TV on Wednesday.

The Quest For Asian Domination Begins

Focusing on Russia's strategy, Sankey said that Russia has been redirecting its oil exports towards Asian markets, thereby cutting into the traditional long-term Saudi premium for selling oil to Asia. He emphasized that the impact of this competition between the two oil giants on market share and overall competition is far more significant than currently appreciated.

Sankey also pointed out that despite the seemingly good relations between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, it is still being determined whether the same rapport extends to their respective oil ministers. This potential tension between the two oil giants raises concerns as they have previously coordinated production efforts.

Russia's efforts to diversify its energy exports stem from the sanctions that have&nbsp;restricted its access to European markets. Consequently, Russia has sought alternative destinations for its oil exports, with China and India accounting for approximately 90 percent of its seaborne crude shipments.&nbsp;

Moreover, Russia's Deputy Prime Minister, Alexander Novak, recently hinted at the possibility of supplying 40 percent of China's energy needs, indicating a sustained reliance on the Asian market.

As the global oil landscape continues to evolve, Saudi Arabia faces a formidable challenge from Russia's expanding presence in Asia. To maintain its position as a dominant player in the oil market, Sankey told Bloomberg TV that the kingdom must find effective strategies to compete with Russia's growing influence.&nbsp;

(With agency inputs)

Veteran oil industry analyst Paul Sankey has sounded the alarm on the rising Russian oil exports to Asia and its threat to Saudi Arabia's dominance in the global oil market.

Veteran oil industry analyst Paul Sankey has sounded the alarm on the rising Russian oil exports to Asia and its threat to Saudi Arabia's dominance in the global oil market. In a recent interview with Bloomberg TV, Sankey pointed out that Saudi Arabia's price premiums were being eroded by the increasing competition from Russian oil, making it a pressing concern for the oil-rich kingdom. Sankey expressed skepticism towards Saudi Arabia's claims that market short sellers were solely responsible for the underwhelming oil prices. Instead, he emphasised that the overall oil balance, particularly the challenge posed by Russia, should be the primary focus for the Saudis. While squeezing speculators may provide short-term relief, the long-term problem lies in addressing the competition from Russia and maintaining market share, he argued. "Frankly, I don't know why they're so obsessed with speculators. I mean, you can squeeze speculators on a short-term basis. But the real problem is the overall oil balance," Sankey told Bloomberg TV on Wednesday. The Quest For Asian Domination Begins Focusing on Russia's strategy, Sankey said that Russia has been redirecting its oil exports towards Asian markets, thereby cutting into the traditional long-term Saudi premium for selling oil to Asia. He emphasized that the impact of this competition between the two oil giants on market share and overall competition is far more significant than currently appreciated. Sankey also pointed out that despite the seemingly good relations between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, it is still being determined whether the same rapport extends to their respective oil ministers. This potential tension between the two oil giants raises concerns as they have previously coordinated production efforts. Russia's efforts to diversify its energy exports stem from the sanctions that have restricted its access to European markets. Consequently, Russia has sought alternative destinations for its oil exports, with China and India accounting for approximately 90 percent of its seaborne crude shipments. Moreover, Russia's Deputy Prime Minister, Alexander Novak, recently hinted at the possibility of supplying 40 percent of China's energy needs, indicating a sustained reliance on the Asian market. As the global oil landscape continues to evolve, Saudi Arabia faces a formidable challenge from Russia's expanding presence in Asia. To maintain its position as a dominant player in the oil market, Sankey told Bloomberg TV that the kingdom must find effective strategies to compete with Russia's growing influence. (With agency inputs)

Russia challenges Saudi Arabia's throne in Asian oil trade: Veteran analyst

India's External Affairs Minister S Jaishankar on Tuesday schooled the European Union and its foreign policy chief Joseph Borrell after the latter called for action against&nbsp;Indian selling refined products made from Russian crude oil.&nbsp;

Urging&nbsp;Borrell to look inwards, Jaishankar said,&nbsp;"Look at EU Council regulations, Russian crude is substantially transformed in the third country and not treated as Russian anymore. I would urge you to look at Council's Regulation 833/2014."

Earlier,&nbsp;Borrell, in an interview with the Financial Times egged Brussels to crack down on India reselling Russian oil into Europe as refined fuel, including diesel.&nbsp;

"If diesel or gasoline is entering Europe ... coming from India and being produced with Russian oil, that is certainly a circumvention of sanctions and member states have to take measures," the EU's chief diplomat said.

"That India buys Russian oil, it's normal... But if they use that in order to be a centre where Russian oil is being refined and by-products are being sold to us...  we have to act," Borrell said.

<a href="https://www.wionews.com/videos/wion-dispatch-eam-jaishankar-defends-indias-stance-on-russian-oil-in-parliament-540991">WATCH |&nbsp;WION Dispatch: EAM Jaishankar defends India's stance on Russian oil in Parliament</a>

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<h2>India's clear approach to serving its own interests</h2>

This is not the first instance when Jaishankar has stood up to the bully tactics of the West. Last year, the EU and other Western nations caused a row by calling out India repeatedly for buying Russian oil at discounted prices.&nbsp;

However, Jaishankar&nbsp;took a rather strong approach and shut them by remarking, "Buying Russian gas is not funding the war."

"Why it's only Indian money and fund coming from India and not gas coming to Europe which funds war, let's be even-handed out," said Jaishankar at the Globsec 2022 Bratislava forum.

"Why countries in Europe and West and the United States, why don`t they allow Iranian oil in the market why don't they allow Venezuela oil to come to the market? They have squeezed every other source of oil we have and then say you will not go to the market and get the best deal for the people, it's not a fair approach," he added.&nbsp;

<a href="https://www.wionews.com/india/buying-russian-gas-is-not-funding-the-war-says-jaishankar-484836">ALSO READ:&nbsp;Buying Russian gas is not funding the war, says Jaishankar</a>

In December last year, during a joint press conference&nbsp;with his German counterpart Annalena Baerbock, Jaishankar once again laid bare the facts and exposed the West for its hypocrisy.&nbsp;&nbsp;

"Our trade with Russia is at a very small level- USD 12-13 billion, in comparison to European countries. We've also given the Russians a set of products... I don't think people should read more into it other than the legitimate expectations of any trading country to increase its trade," said the EAM.&nbsp;

(With inputs from agencies)

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India's External Affairs Minister S Jaishankar on Tuesday schooled the European Union and its foreign policy chief Joseph Borrell after the latter called for action against Indian selling refined products made from Russian crude oil.

India's External Affairs Minister S Jaishankar on Tuesday schooled the European Union and its foreign policy chief Joseph Borrell after the latter called for action against Indian selling refined products made from Russian crude oil. Urging Borrell to look inwards, Jaishankar said, "Look at EU Council regulations, Russian crude is substantially transformed in the third country and not treated as Russian anymore. I would urge you to look at Council's Regulation 833/2014." Earlier, Borrell, in an interview with the Financial Times egged Brussels to crack down on India reselling Russian oil into Europe as refined fuel, including diesel. "If diesel or gasoline is entering Europe ... coming from India and being produced with Russian oil, that is certainly a circumvention of sanctions and member states have to take measures," the EU's chief diplomat said. "That India buys Russian oil, it's normal... But if they use that in order to be a centre where Russian oil is being refined and by-products are being sold to us...  we have to act," Borrell said. WATCH | WION Dispatch: EAM Jaishankar defends India's stance on Russian oil in Parliament × India's clear approach to serving its own interests This is not the first instance when Jaishankar has stood up to the bully tactics of the West. Last year, the EU and other Western nations caused a row by calling out India repeatedly for buying Russian oil at discounted prices. However, Jaishankar took a rather strong approach and shut them by remarking, "Buying Russian gas is not funding the war." "Why it's only Indian money and fund coming from India and not gas coming to Europe which funds war, let's be even-handed out," said Jaishankar at the Globsec 2022 Bratislava forum. "Why countries in Europe and West and the United States, why don`t they allow Iranian oil in the market why don't they allow Venezuela oil to come to the market? They have squeezed every other source of oil we have and then say you will not go to the market and get the best deal for the people, it's not a fair approach," he added. ALSO READ: Buying Russian gas is not funding the war, says Jaishankar In December last year, during a joint press conference with his German counterpart Annalena Baerbock, Jaishankar once again laid bare the facts and exposed the West for its hypocrisy. "Our trade with Russia is at a very small level- USD 12-13 billion, in comparison to European countries. We've also given the Russians a set of products... I don't think people should read more into it other than the legitimate expectations of any trading country to increase its trade," said the EAM. (With inputs from agencies) WATCH WION LIVE HERE:

EAM S Jaishankar defends India selling Russian crude as refined fuel after EU threatens crackdown

Indian External affairs minister S Jaishankar has responded to EU foreign policy chief Josep Borrell's call for action against Indian refined products from Russian crude. Jaishankar advised Borrell to refer to EU Council regulations, specifically Regulation 833/2014, which Jaishankar said recognises that Russian crude undergoes substantial transformation in a third country and is no longer treated as Russian.

Indian FM reminds EU of its own regulations, defends India's stance on Russian oil

Europe is still buying Russian oil. It is yet to sanction Russia's nuclear industry. It is also purchasing diamonds, gold, aluminium & fertilisers from Russia. Can it still preach others? Molly Gambhir reports.

Gravitas: The hypocrisy of Europe's sanction regime

The discount given by Russia to India for crude oil has decreased as China's demand for the product rockets. Quoting two Indian government officials in the know, Mint reports that the steep discounts the country enjoyed through most of FY23 have plunged due to Chinese demand and a cut at oil producers' end.&nbsp;

The Russian invasion of Ukraine, back in February 2022, sparked a slew of Western sanctions. Following this, as Moscow was left scrambling for buyers for its crude oil, India stepped up as a major buyer and managed to secure discounts of up to $15-20 a barrel. As per the Mint report, these discounts have now fallen below $10 and have even touched $5.

Also read |&nbsp;<a href="https://www.wionews.com/world/explosions-reported-throughout-ukraine-council-of-europe-says-russias-deportation-of-children-genocide-586831">Explosions reported throughout Ukraine; Council of Europe says Russia's deportation of children 'genocide'</a>

“With Russian oil finding more buyers, the discounts to Indian refiners have been coming down. Earlier, we were getting discounts that varied from cargo to cargo," one official told Mint, on the condition of anonymity.

“We used to get around $15-20 per barrel discount on Russian oil cargoes depending on what used to be the price in the spot market. That discount has become less now," said the second official.

However, recently, China, which happens to be the world's second-largest oil buyer, has become one of the top buyers of Russian oil.

As per Chinese government data, while earlier Saudi Arabia was the country's top oil supplier, Russia has taken over the position during January and February 2023.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-tells-china-peace-along-borders-will-define-bilateral-ties-586813">India tells China peace along borders will define bilateral ties</a>

China's General Administration of Customs in March released data that showed the number of imports from Russia in January-February was 15.68 million tonnes, which is equivalent to 1.94 million barrels per day (mbpd), an increase of 23.8 per cent from 1.57 mbpd during the same period the year before.

This comes as a US-led global initiative along with G7 countries, the European Union and Australia imposed a $60 per barrel cap on Russian oil. Meanwhile, the Organization of the Petroleum Exporting Countries plus grouping (OPEC+) which includes Russia, has announced an additional 1.16 million barrels per day of supply cut. This takes effect next month.

During FY23, by providing discounts amidst the Ukraine conflict, Russia became a significant provider of oil to Indian refiners for the first time. As a result, in the 11 months leading up to February of the previous fiscal year, India imported crude oil worth $27 billion from its strategic partner, placing the Russian Federation in second place for Indian oil imports. Additionally, the discounted Russian oil aided India in satisfying the rising demand for petroleum products. India consumed 222.30 million tonnes of petroleum products&nbsp;in FY23,&nbsp;10.2 per cent more than in the previous year.

(With inputs from agencies)

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The discount given by Russia to India for crude oil has decreased as China's demand for the product rockets. Quoting two Indian government officials in the know, Mint reports that the steep discounts the country enjoyed through most of FY23 have plunged due to Chinese demand and a cut at oil producers' end.

The discount given by Russia to India for crude oil has decreased as China's demand for the product rockets. Quoting two Indian government officials in the know, Mint reports that the steep discounts the country enjoyed through most of FY23 have plunged due to Chinese demand and a cut at oil producers' end. The Russian invasion of Ukraine, back in February 2022, sparked a slew of Western sanctions. Following this, as Moscow was left scrambling for buyers for its crude oil, India stepped up as a major buyer and managed to secure discounts of up to $15-20 a barrel. As per the Mint report, these discounts have now fallen below $10 and have even touched $5. Also read | Explosions reported throughout Ukraine; Council of Europe says Russia's deportation of children 'genocide' “With Russian oil finding more buyers, the discounts to Indian refiners have been coming down. Earlier, we were getting discounts that varied from cargo to cargo," one official told Mint, on the condition of anonymity. “We used to get around $15-20 per barrel discount on Russian oil cargoes depending on what used to be the price in the spot market. That discount has become less now," said the second official. However, recently, China, which happens to be the world's second-largest oil buyer, has become one of the top buyers of Russian oil. As per Chinese government data, while earlier Saudi Arabia was the country's top oil supplier, Russia has taken over the position during January and February 2023. Also read | India tells China peace along borders will define bilateral ties China's General Administration of Customs in March released data that showed the number of imports from Russia in January-February was 15.68 million tonnes, which is equivalent to 1.94 million barrels per day (mbpd), an increase of 23.8 per cent from 1.57 mbpd during the same period the year before. This comes as a US-led global initiative along with G7 countries, the European Union and Australia imposed a $60 per barrel cap on Russian oil. Meanwhile, the Organization of the Petroleum Exporting Countries plus grouping (OPEC+) which includes Russia, has announced an additional 1.16 million barrels per day of supply cut. This takes effect next month. During FY23, by providing discounts amidst the Ukraine conflict, Russia became a significant provider of oil to Indian refiners for the first time. As a result, in the 11 months leading up to February of the previous fiscal year, India imported crude oil worth $27 billion from its strategic partner, placing the Russian Federation in second place for Indian oil imports. Additionally, the discounted Russian oil aided India in satisfying the rising demand for petroleum products. India consumed 222.30 million tonnes of petroleum products in FY23, 10.2 per cent more than in the previous year. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India losing 'steep discounts' on Russian crude oil due to China: Report

OPEC's share of India's oil imports fell at the fastest pace in 2022-23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged and the major producers' share could shrink further this year.

OPEC's oil market share in Indian imports falls

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