Indian refiners plan to reduce purchases of Russian oil in the coming weeks — a small concession to Washington less than a day before U.S. tariffs increase, and a signal that New Delhi does not intend to break ties with Moscow, Bloomberg reports citing sources.
State-owned and private refiners, including major player Reliance Industries Ltd., are expected to buy between 1.4 and 1.6 million barrels per day for loading in October and beyond. For comparison, in the first half of the year, average purchases stood at 1.8 million barrels per day.
The administration of U.S. President Donald Trump, seeking to reduce the trade deficit with India, has ramped up pressure on the country’s energy trade with Russia. This includes doubling U.S. tariffs, which will take effect on August 27.
Volumes could change if India reaches a trade deal with Trump, and the U.S. eases pressure on New Delhi over financing Russia’s war in Ukraine.
Amid the need to secure a trade agreement and show progress on Ukraine, Trump has criticized India for purchasing Russian oil — particularly for the sharp increase in imports since the start of the war.
According to Kasatkin Consulting, before 2022 India’s purchases were minimal, but the country now accounts for 37% of Moscow’s oil exports. Since then, U.S. officials have stepped up pressure, publicly criticizing India’s energy giants.
The fourth LNG carrier involved in transporting liquefied natural gas from the sanctioned Arctic LNG-2 project has arrived at the Beihai LNG terminal in China, Reuters reported, citing LSEG data. The LNG tanker Buran is currently at the port of Tieshan, located in China’s Guangxi region, according to vessel tracking data. The first delivery from […]
Austria has won the right to block financing for Hungary’s Paks II nuclear power plant, which is being built by the Russian state corporation Rosatom. This is confirmed by a ruling of the EU Court of Justice. The EU Court annulled a decision of the EU General Court and declared invalid the European Commission’s approval […]
In August, Russia’s economy recorded its lowest revenues from raw material exports in all three years of the full-scale war in Ukraine, according to data from the Finnish analytical center CREA. On average, exports of oil, gas, petroleum products, and coal brought Russia €564 million per day — 2% less than in July and 11% […]
The decline in Russia-China trade, which began in 2025 for the first time since the start of the war in Ukraine, continues to accelerate, Reuters reports. In August, China’s purchases of Russian goods collapsed by 17.8% year-on-year, according to Chinese customs data. Shipments of Chinese goods to Russia fell by 16.4%. Overall bilateral trade dropped […]
The port of Primorsk on the Baltic Sea, which handles over a quarter of Russia’s crude oil exports, has suspended shipments, Reuters reported, citing informed sources. According to media reports, the country’s largest oil terminal, with a capacity of more than 1 million barrels per day, came under a drone strike on the night of […]
The Verkhovna Rada has approved a presidential decree on the compulsory seizure in Ukraine of property owned by the Russian Federation, MP Oleksiy Honcharenko from the European Solidarity faction announced on his Telegram channel. “The Rada approved the president’s decree on the seizure of 1,592 railway cars belonging to Russian residents,” the lawmaker wrote. Bill […]
China’s Heihe Rural Commercial Bank, which came under EU sanctions, has stopped accepting payments from Russia, Russian media report. The information was confirmed by sources at two Russian banks and four importers facing the issue. Heihe Rural Commercial Bank had been among the last Chinese lenders willing to open correspondent accounts for Russian financial institutions […]
Diamonds from Russia continue to enter EU and U.S. markets despite G7 and EU sanctions against Alrosa — Russia’s largest producer and one of the world’s leading players in the industry. This was reported by journalists from OCCRP (Organized Crime and Corruption Reporting Project) along with several European media outlets. Armenia has become the key […]
Failure by banks of their obligations under the agreement is a part of the reason for the lawsuits, the amount of which is sometimes measured in billions of dollars, it depends on the losses. One of the largest financial institutions in Germany Commerzbank, requires four US banks for damages in the amount of $ 2 […]
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More than half of the power generation capacity destroyed by Russia has been restored in Ukraine. This was announced by Deputy Minister of Energy Mykola Kolisnyk. ‘Over the past few days, there has been an increase in air temperature, which has led to an increase in electricity consumption, but we have enough generating capacity to […]
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The United States has abolished duty-free tariffs for parcels worth up to $800, known as the de minimis exemption. This benefit had been in place since 1938 and was raised from $200 to $800 in 2015 to boost small businesses on online marketplaces, Reuters reports. A six-month transition period will follow, during which postal services […]
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Last week, the value of cryptocurrency fell sharply, but now it is approaching a historic high again. According to Coin Desk, after a sharp drop last week, the value of bitcoin broke the record and reached $ 19,686. Thus, the cryptocurrency exceeded the value recorded on December 16, 2017 by $ 20,665. But the absolute […]
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The Ukrainian authority continues bank privatisation allowing. For the present, Anti-Monopoly Committee of Ukraine (AMCU) gives the permission to Sergei Tihipko of Universal Bank purchasing through the Bailican Limited Company. AMCU provides also allowance to Sergei Tihipko on the mediated acquisition through the T.A.S. Overseas investments Limited company . He intends to buy shares of […]
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The Ministry of Digital Transformation of Ukraine and Microsoft have signed a Memorandum of Cooperation aimed at developing digital infrastructure, implementing innovative technologies, and strengthening the artificial intelligence ecosystem in Ukraine, the ministry’s press service reported. “It is important for us that global technology leaders not only provide services but also become part of our […]
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The coronavirus pandemic has allowed Ukrainian pharmaceutical companies to enter new world markets – the EU and Asia. The head of the board of Darnitsa Group Dmitry Shymkov in an interview stated this with the executive director of the European Business Association Anna Derevyanko. In particular, the shortage of medicines arose due to the fact […]
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China has officially introduced a ban on electronic retractable door handles in electric vehicles, becoming the first country in the world to impose such strict requirements on EV door design. The new rules will take effect on January 1, 2027, and will require automakers to install mechanical door handles both on the exterior and inside […]
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By 2024, more than 300 branches of Privatbank will be closed; more than six thousand employees will be fired. Such measures are spelled out in the financial institution’s development strategy approved by the Cabinet of Ministers. It is noted that the bank should leave 1250 branches (according to data for 2020, 1688 of them), and […]
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Difficulties in selling oil due to reduced purchases by India have led to a second consecutive monthly drop in Russia’s oil production, which fell to 9.28 million barrels per day in January. Bloomberg reports this, citing sources familiar with the data. This is nearly 300,000 barrels per day below the quota allocated to Russia under […]
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Starbucks reported its biggest profit of all time in the UK, and it can serve as a long-term completion of a tax dispute with the British government. After the company was involved in a major tax scandal in 2012, when it was accused of tax evasion, Starbucks paid UK a large sum of income tax […]
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NASA has provided to Nokia with $ 14.1 million to deploy 4G (LTE) network on the moon. The US space agency noted that telecommunications networks of this standard will be able to provide more reliable than radio signals, communication on the Earth’s satellite, where it is planned to build the lunar base by 2028. NASA […]
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Johnson & Johnson plans to complete the third phase of trials of its single-dose vaccine against COVID-19 in mid-January 2021. Paul Stoffels, vice chairman of the executive committee, senior scientific expert at Johnson & Johnson said they plan to deliver to market 1 billion doses. “We are in the middle of the third phase of […]
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The global tourism industry could lose 120 million jobs due to the COVID-19 coronavirus pandemic. This was stated in a video message by UN General Secretary Antonio Guterres. According to him, tourism has become one of the sectors most affected by the pandemic, and no country has been unaffected by the sharp decline in international […]
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The European Commission has agreed to review the conditions under which additional tariffs are imposed on Volkswagen Group vehicles assembled in China, Carscoops reports. Instead of the standard tariff, the company proposes introducing an import quota and a minimum price mechanism. The request was submitted by Volkswagen Anhui — a joint venture between VW and […]
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Nvidia and AMD have reached an agreement with the Donald Trump administration to remit 15% of their revenues from chip sales in China to the U.S. government in exchange for export licenses, the Financial Times reports, citing sources familiar with the deal, including a U.S. government representative. Under the arrangement, Nvidia will transfer 15% of […]
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