INDIA BUTING RUSSIAN OIL
Ukrainian drone attack on Russia's Tuapse port kills one
A Ukrainian drone attack hit Russia's Tuapse port, causing a fire and killing at least one person. This major southern port is a key oil export hub and home to a large refinery. Debris from the drones damaged several buildings, including a kindergarten and a church. Russia's defense ministry reported destroying many drones overnight.
Hormuz traffic at standstill as US vessel seizure widens risk
Commercial traffic in the Strait of Hormuz has halted again. This follows a brief reopening over the weekend which ended with the US seizing an Iranian ship. This action has raised concerns for shipowners. Benchmark oil prices have jumped. A fragile US-Iran ceasefire is set to expire soon.
India expands Russian marine insurance options
India has increased the number of Russian insurers authorized to provide marine cover for ships docking at its ports. This move allows more Russian companies to offer protection and indemnity coverage. The expanded list includes several Russian firms with registrations valid until 2026, 2027, 2029, and 2030.
Ukraine strikes Baltic Sea port, Volga river industrial sites
Ukrainian drones targeted industrial cities along the Volga River and a Baltic Sea port near St. Petersburg. A fire was extinguished at the Vysotsk port, which handles fuel exports. Attacks also hit industrial targets in Syzran and Novokuibyshevsk, cities known for their oil refineries.
Kirill Dmitriev says new US waiver to hit 100 mln barrels of Russian oil
A U.S. waiver allowing countries to buy sanctioned Russian oil at sea has been extended for another month. This extension will affect an additional 100 million barrels of Russian oil. The total volume impacted by waivers now stands at 200 million barrels. Kirill Dmitriev, a special envoy, noted active political opposition to the waiver's extension.
'Shameful, 180-degree reversal': US Senate Democrats slam Trump administration for extending waiver on Russian oil
Senior Democratic lawmakers in the US Senate on Friday (local time) sharply criticised the Trump administration for extending a waiver that allows the continued sale of sanctioned Russian oil, calling the move a "shameful" policy reversal.
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US extends waiver allowing India and other countries to buy Russian oil
The Donald Trump administration has issued a short-term waiver allowing countries to continue buying sanctioned Russian oil loaded on ships until May 16, aiming to stabilise global energy prices amid the US-Israeli war on Iran.
RBI’s oil forex window set to fuel rupee recovery
The Reserve Bank of India has opened a special foreign exchange window to supply dollars to state-run refiners, easing pressure on the rupee. This move, likely routed through state-run lenders, aims to reduce the significant daily dollar demand from oil companies. Analysts expect this intervention to lead to rupee appreciation.
US move on Russian oil waiver adds pressure as Iran war strains energy markets, India engaged in talks: Sources
India faces a tougher energy market as the US will not extend waivers for Russian oil imports. This decision impacts countries already struggling with the Hormuz crisis. Russia has assured India of continued energy supplies, including crude oil, LPG, and LNG. India's oil imports from Russia have significantly increased, making it a key market for Moscow.
Indian refiner Reliance rejects Iran oil cargoes as waiver deadline looms
Reliance Industries has rejected two Iranian oil cargoes. This comes just before a U.S. waiver on Iranian oil exports expires. Washington will not renew these waivers. India had allowed Reliance to buy Iranian oil on several sanctioned tankers. Reliance stated the Derya tanker cargo did not meet compliance requirements. Indian Oil Corp recently bought Iranian crude.
Indian refiners pay for Iran oil in yuan via ICICI Bank, sources say
Indian refiners are making payments for Iranian oil using Chinese yuan. This is happening through ICICI Bank's Shanghai office. Indian Oil and Reliance have bought shipments under a temporary U.S. sanctions waiver. This payment method has not been previously reported. India has also used yuan for Russian oil. The U.S. waiver on Iranian oil is set to expire soon.
Russian Proverb of the day: 'If you like to sled, you have to like to drag the sledge'-A Russian proverb that challenges your definition of success
This Russian proverb emphasizes that rewards always require effort, reminding us that enjoyment and achievement are earned through discipline and accepting the less pleasant aspects of a process. It highlights the balance between labor and joy, suggesting that meaningful happiness comes from embracing the entire journey, not just the outcome.
India's crude imports down 21%; Russia tops, Iran gains
Iran supplied about 4 million barrels in April, or 7% of total imports, resuming shipments to India after seven years. However, a US naval blockade of Iranian ports, currently underway, could constrain further supplies this month.
India-China energy cooperation doesn't require warm relations, or lofty civilisational rhetoric
India and China face a new opportunity in energy markets. Past cooperation in Africa, despite challenges, shows potential. Both nations seek stable energy imports, bypassing geopolitical risks. This shared need can drive future joint ventures. New energy projects in Africa could form a strong foundation for collaboration. This pragmatic approach is vital for securing energy supplies.
Russia launches massive drone, missile barrage on Ukraine, at least 16 dead
Russia launched one of its largest recent aerial assaults on Ukraine, firing nearly 700 drones and multiple missiles in strikes that killed at least 16 people and injured over 80, officials said. The hours-long barrage hit cities including Kyiv, Odesa and Dnipro, with Ukrainian air defences intercepting most incoming targets but several strikes causing civilian casualties and damage. President Volodymyr Zelenskyy urged continued Western support for air defence systems, warning against easing pressure on Moscow as attacks on civilian areas persist.
India may get a crude hit from Trump's curbs on Russian & Iranian oil buying freedom
The United States has ended sanctions waivers that allowed countries, including India, to buy Russian and Iranian oil without penalties, a move that could tighten global supplies and pressure Indian refiners. US Treasury Secretary Scott Bessent confirmed the decision, saying the temporary licenses for Russian and Iranian crude would not be renewed.
US Senate rejects measures on limiting Trump's war powers in Iran for the 4th time: Reports
The Senate rejected a proposal to curb President Trump's war powers regarding Iran for the fourth time this year. Meanwhile, the US Treasury warned of secondary sanctions on Chinese institutions facilitating Iranian financial flows. President Trump also claimed China committed to halting weapon supplies to Iran.
US ends sanctions waiver for Russian, Iranian Oil; India among affected buyers
US Treasury Secretary Scott Bessent on Wednesday confirmed Washington will not renew sanctions waivers on Russian and Iranian oil, ending temporary relief that had allowed countries including India to purchase crude from both nations without facing US penalties.
Russian LNG under US sanctions heads for the first time to India
A Russian liquefied natural gas cargo, currently under United States sanctions, is en route to India. This shipment, if it reaches its destination, would mark the first such delivery to India since former US President Donald Trump stated India would cease buying Russian energy. India has not confirmed this pledge.
Iranian oil arrives in India just ahead of US waiver expiry
India has received Iranian oil shipments. This marks the first imports in seven years. The nation is securing volumes before a US grace period ends. Tankers are discharging crude on India's east and west coasts. This move aims to manage global energy flow disruptions. India is leveraging waivers for previously restricted oil.
US doesn't 'have time for Ukraine' because of Iran war: Zelensky
Ukrainian President Volodymyr Zelensky stated US peace negotiators are preoccupied with Iran. He highlighted concerns about delayed US arms deliveries crucial for Ukraine's defense. Zelensky mentioned this issue impacts PAC-3 and PAC-2 interceptor missiles. He spoke alongside Norwegian Prime Minister Jonas Gahr Store, announcing enhanced defense cooperation and Ukrainian drone manufacturing in Norway.
India can't buy Iranian or Russian oil without Trump's permission, alleges Rahul Gandhi
Gandhi also claimed that the names of PM Modi, several BJP leaders and ministers have been found in the Epstein files. “The key (chabi) of the Epstein files is in Trump’s hands and he controls Modi,” Gandhi alleged.
India's Russian oil imports more than triple to 5.3 billion euro in March
India’s crude oil imports from Russia surged in March, with purchases tripling to €5.3 billion as volumes doubled and prices rose, according to Centre for Research on Energy and Clean Air. The spike followed a US sanctions waiver, prompting state refiners to resume buying. Russia remained India’s top supplier, while China led overall purchases. Asian markets continued to dominate Russian oil exports.
Ukraine strikes on Russian oil ports put India’s refining lifeline at risk, IEA warns
Ukraine’s drone strikes on key Russian oil ports — Primorsk, Ust-Luga and Novorossiysk — are threatening India’s crude supply chain, with the International Energy Agency warning of potential disruptions to refining operations. With about 80% of India’s Russian imports routed through these hubs, any prolonged outage could tighten feedstock availability, even as reliance on discounted Russian crude has surged and alternative supplies remain limited.
Russia’s oil revenues nearly double to $19 billion in March: IEA
According to the IEA, Russia’s crude oil exports rose by 270,000 barrels per day (bpd) month-on-month to 4.6 million bpd in March.
Bangladesh eyes India route to refine Russian crude amid supply crunch
Bangladesh is looking to refine Russian crude oil in India. This move aims to overcome fuel supply issues caused by the West Asia conflict. Bangladesh will cover all costs for crude import, refining, and fuel transportation. The country's own refinery is not suitable for Russian crude. This plan could boost diesel imports from India.
US' Russian oil waiver set for an extension
US Treasury Secretary Scott Bessent met with Trump in the White House on Thursday to talk about extending the waiver, and they agreed it was a good idea, one of the sources said, asking not to be named. Officials at the White House and Treasury Department did not immediately comment on the matter. Oil prices have spiked since the start of the war due to the partial closure of the Strait of Hormuz.
Gas sale at 40% discount: Why is Russia selling LNG at deep discounts and how it may provide a sigh of relief for India?
Russia is attempting to sell natural gas from its sanctioned facilities to South Asian nations. These offers come at a significant discount through intermediary firms. Sellers are reportedly willing to provide documentation to disguise the origin of the gas. This comes as global gas supplies face disruptions, forcing countries like Bangladesh and India to seek alternative, more expensive sources.
Iran war doubles Russia's main oil revenue to $9 billion in April
In a remarkable twist for Russia's economy, oil tax revenues are projected to soar to $9 billion by April, doubling amidst the turbulent global energy landscape fueled by the ongoing conflict with Iran. This sharp increase in oil prices is not just benefitting Russia; it showcases how geopolitical tensions can have far-reaching impacts on energy markets worldwide.
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