RUSSIAN OIL SANCTIONS INDIA
Iran says draft US deal includes oil sanctions waiver, nuclear limits and asset release
US-Iran war: Tehran and the United States are in talks over a draft memorandum. This agreement could lead to the immediate reopening of the Strait of Hormuz for all commercial ships. Iran would also dilute its enriched uranium stockpile within 60 days. In return, the US would lift oil sanctions and its naval blockade of Iranian ports.
India's Russian oil imports rise in May as refiners boost purchases
India continued its strong demand for Russian fossil fuels in May. The nation emerged as the second-largest buyer globally, importing hydrocarbons worth 5.8 billion euros. Crude oil formed the bulk of these imports, with refiners significantly increasing their purchases from Russia. This trend highlights India's strategic energy sourcing amidst global shifts.
Iran calls Trump's drone attack claims on Indian ships 'simply baseless'
Iran has dismissed US President Donald Trump's claim of a drone attack on Indian ships in the Strait of Hormuz as "baseless." The Iranian embassy stated Trump's accusation is an attempt to divert attention from recent US military strikes on merchant vessels in the Gulf of Oman that resulted in the deaths of three Indian mariners.
US military helping move 7 million barrels of oil per day out of Persian Gulf, Wright says
Amidst geopolitical tensions, the US military's efforts are securing the departure of seven million barrels of oil each day from the Persian Gulf, dramatically outperforming market anticipations. Currently, no Iranian oil is making its way through the Strait of Hormuz.
'Europeans sell weapons, which are used to attack India': Jaishankar raises arms exports issue
India's External Affairs Minister S. Jaishankar defended the country's decision to buy Russian oil. He stated that cost and availability guided these purchases. Jaishankar also pointed out that European nations sell weapons used in attacks. He highlighted that India's actions did not involve attacking European countries with its weapons. This statement was made at the Kultaranta Talks in Finland.
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US 'specifically' asked India to buy Russian oil in 2022, says EAM Jaishankar
India's External Affairs Minister S. Jaishankar stated India purchased Russian oil after the Ukraine war began in 2022. He explained the oil was available and affordable. The United States had specifically requested India continue buying Russian crude. This action aimed to stabilize global energy markets. India's decision was driven by market realities, not politics.
In new crude world order, US is largest exporter of crude
America's ascendancy to the top spot marks a stunning reversal for a country that was dependent on West Asian oil for decades and suffered from an oil embargo imposed by some OPEC members in 1973 to retaliate against US support for Israel. US fortunes began to change after 2010, when oil and gas output from its shale formations soared, first making it the world's top gas and then the world's top oil producer.
Will increase seafarer repatriations if needed: Shipping Ministry’s Mukesh Mangal
India plans to increase efforts to bring back its seafarers from West Asia if needed. Currently, 18,000 Indian seafarers are in the region. The government has already facilitated the safe return of over 3,500 seafarers. Recent incidents have involved Indian crew members, with some losing their lives. The ministry is monitoring the situation closely.
China warns EU on new sanctions over Ukraine war
China has issued a stern warning to the European Union. Beijing opposes proposed EU sanctions targeting Chinese companies. These measures aim to curb support for Russia's war in Ukraine. China states it will protect its legitimate rights. The EU's latest package targets Russia's war economy, including drone production.
India-based entities among firms targeted in EU's proposed 21st Russia sanctions package
The European Union is proposing new sanctions against Russia. These measures could affect companies in India and other nations. The EU aims to stop support for Russia's war efforts. Restrictions will target technology and materials crucial for Russia's defense. New designations will also impact Russia's drone sector. The EU seeks to weaken Russia's economic capacity.
Drones hit historic museum in Russia-annexed Crimea as officials alter train schedule
Ukrainian drones struck a historic museum in Sevastopol and targeted Russian energy infrastructure. Authorities reduced nighttime train services due to intensifying air attacks. Several Russian cities, including Novokuibyshevsk and Moscow, reported repelling drone assaults. These attacks are impacting Russia's oil output and causing fuel shortages in Crimea.
EU sanctions Iranians over restricting naval traffic in Hormuz
The European Union has imposed sanctions on two Iranian individuals and a unit of the Islamic Revolutionary Guard Corps. This action targets those threatening freedom of maritime traffic in the Strait of Hormuz. The EU is using new powers for the first time to sanction Iran for restricting navigation.
India to account for half of global oil demand growth over next decade: Rosneft CEO
Rosneft CEO Igor Sechin stated India will drive nearly half of global oil demand growth over the next decade, projecting consumption to reach eight million barrels per day by 2035. He highlighted Russian oil supplies' economic benefits to India and China, exceeding $40 billion since April 2022, and warned of food price hikes due to potential Strait of Hormuz disruptions.
Ukraine targets St. Petersburg again after Putin rejects Zelenskyy's offer for direct talks
Ukrainian drones struck St. Petersburg, Russia's second-largest city, prompting residents to stay indoors. This attack underscores Ukraine's expanding capability to strike deep within Russian territory. Russia's air defenses reportedly intercepted hundreds of drones. The strikes follow a recent drone attack on an oil terminal and naval base in the same city.
'Trust-based, brotherly relations': Vladimir Putin on India-Russia ties
Russian President Vladimir Putin lauded the "brotherly" and "trust-based" India-Russia relationship at the St Petersburg International Economic Forum. He highlighted India's talent in coding and technology, emphasizing Russia's commitment to its partners, including military and technical cooperation. Putin noted India's sovereign approach to choosing products and its national interests.
Apple removes Russia's state-backed messenger from App Store
Apple has removed Russia's state-backed Max messenger from its App Store, citing compliance with sanctions. The app, developed by VK whose CEO is sanctioned, lacks encryption and has been pushed by Moscow for government and civil servant communications. This move follows previous removals of Russian apps due to Western sanctions.
Putin faces rival visions of war and peace at Russia's 'Davos'
Russia's future is debated at a key investment forum amidst the Ukraine war. Some leaders push for continued global confrontation with the West. Others highlight economic gains from ending the conflict. President Putin balances these rival factions. The nation faces a choice between prolonged war and economic revival.
Putin's 'Russian Davos' opens with US guests as economy slows and war drags on
Russia hosts its premier investment forum in Saint Petersburg. The event includes prominent figures from the United States and Germany. This gathering occurs as Russia faces economic stagnation and ongoing conflict in Ukraine. The forum aims for pragmatic dialogue on a stable future. Discussions will cover energy, artificial intelligence, and investment.
War shifts 80% of India's diesel exports to Africa
India's diesel exports saw a significant shift in May. Africa became the primary destination, absorbing over 80% of shipments. This change happened as demand from Asia and Europe weakened. Geopolitical tensions also reshaped global diesel trade flows. Higher refinery operations in Asia reduced import needs. Europe received no diesel, while Asian shipments dropped sharply.
Would like to end sanctions waivers on Russian oil: Rubio
The United States aims to stop waivers allowing countries to buy Russian oil. These waivers were temporary measures to boost global supply. Secretary of State Marco Rubio stated the waivers are time-limited. The US granted and extended these waivers previously. India has benefited from these sanctions exemptions. The goal is to ease global oil price impacts.
Russia-Ukraine conflict: AFU keeps up assault on Russian oil infrastructure as Kyiv braces for more strikes
Ukrainian drones struck Russian oil facilities overnight. Fires broke out at an oil depot in Taganrog, in the Rostov gion and another in Armavir, in the Krasnodar region. Ukrainian President Volodymyr Zelenskyy stated these attacks are bringing the war back to Russia. Ukraine has expanded its strike capabilities. Russia has continued its attacks on Ukraine's power grid and cities.
Russian spies are aggressively seeking Western technology as sanctions bite, officials say
Russia's intelligence agencies are aggressively seeking Western technology and defense secrets to bolster its war economy, employing fake companies and cyber spies. Facing sanctions and war costs, Moscow is targeting advanced research, weaponry, and dual-use technology, even risking detection with cyberattacks. Mounting economic woes and battlefield stagnation are reportedly causing concern among Russian officials.
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