Abhijit Bhattacharyya | Why allow yuan payments for import of Russian oil?
1 year, 5 months ago

Abhijit Bhattacharyya | Why allow yuan payments for import of Russian oil?

Deccan Chronicle  

The “globalised village economy” has suddenly cast a magical spell over the vast Eurasian landmass. In March 2023 came the first sign of India’s discomfort when the government reportedly issued an advisory to banks, merchants and traders dealing with crude oil imported from Russia, to avoid making any payments in the Chinese currency, the yuan. If India, the fifth-largest economy in the world, allows its key adversary’s currency to be used for payments of imported crude oil from Russia, how could the smaller nations avoid doing it? Despite the government’s advisory to avoid yuan payments, however, several private Indian companies, merchants and traders and at least one state-owned petroleum company ignored it, and committed a monumental blunder by started paying in Chinese yuan for imported Russian crude. By paying in Chinese yuan, India may save its dollar reserves, but the imported Russian crude oil turns into a big bonanza for private company importer-turned-exporters.

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History of this topic

India’s crude oil imports from Russia drop 55% in November, lowest since June 2022
1 week, 1 day ago

India’s crude oil imports from Russia drop 55% in November, lowest since June 2022

Live Mint  

India's import of Russian crude dropped to its lowest level since June 2022 in November this year, reported the news agency PTI on Sunday, December 15, citing a Centre for Research on Energy and Clean Air report. “India's imports of Russian crude oil dropped by a massive 55 per cent in November - the lowest figure since June 2022,” the …

Exclusive-Rising costs squeeze intermediaries out of thriving Russian oil trade with India
2 weeks, 4 days ago

Exclusive-Rising costs squeeze intermediaries out of thriving Russian oil trade with India

Live Mint  

By Nidhi Verma NEW DELHI/MOSCOW - Three trading houses have become dominant sellers of Russian oil to India as many smaller players dropped out of the business due to high funding costs in Russia and lack of access to Western funds, according to data and six trading sources. Traders such as Dubai-based Starex Trading and Pontus Trading, which were large …

Russia wants to become the second-largest oil producer in the world
1 month, 1 week ago

Russia wants to become the second-largest oil producer in the world

China Daily  

Russia is reportedly considering a major oil-sector shakeup by merging three of its largest oil companies: state-backed Rosneft and Gazprom Neft and privately-held Lukoil. Notably, the consolidation could allow Russia to command higher prices for crude oil exports to major buyers like India and China. This shift is driven by Russia’s substantial discounts on crude oil, which have made it …

India to achieve $100-billion trade with Russia well before 2030 target: Jaishankar
Trending News
1 month, 1 week ago

India to achieve $100-billion trade with Russia well before 2030 target: Jaishankar

Hindustan Times  

India is confident of achieving commerce worth $100 billion with Russia before the target date of 2030 though the two sides need to address constraints to ensure trade is more balanced, external affairs minister S Jaishankar said on Tuesday. The two sides have seen “perceptible progress” in tackling challenges to trade, especially issues related to payments and logistics, but there …

India and Russia have doubled rupee-rouble payments in 2024, says largest Russian bank
5 months, 1 week ago

India and Russia have doubled rupee-rouble payments in 2024, says largest Russian bank

The Hindu  

India and Russia have doubled their payments in national currencies since last year despite sanctions by the U.S. and European Union, said Russia’s largest, state-controlled bank Sberbank that handles a majority of payments for Indian exports to Russia. The surge may rise further after Prime Minister Narendra Modi’s visit to Moscow last week, economists and Indian businessmen working in Russia …

Chabahar: India’s Balancing Act Against China, West Asia and the West
7 months, 1 week ago

Chabahar: India’s Balancing Act Against China, West Asia and the West

News 18  

Geostrategy is increasingly becoming a process of increasing a nation’s options. While Russia has been encountering sanctions from Western Europe and the US ever since the war with Ukraine, Iran has endured them for far longer. The US, Israel and others in West Asia are aware of India’s cordial relationship with Iran. India’s sea and land route via Chabahar in …

India saved USD 13 billion by importing discounted Russian crude
7 months, 3 weeks ago

India saved USD 13 billion by importing discounted Russian crude

New Indian Express  

NEW DELHI: India has saved around $13 billion by importing discounted crude oil from Russia in the past two years, according to a study by ICRA, the rating agency. According to energy cargo tracker Vortexa, India received 1.36 million barrels of crude oil per day from Russia in March 2024, compared to 1.27 million barrels per day in February 2024. …

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials
8 months, 2 weeks ago

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials

The Hindu  

April 04, 2024 07:55 pm | Updated 09:51 pm IST - NEW DELHI Striking a conciliatory note on India’s imports of Russian oil, U.S. Treasury department officials visiting Delhi said on April 4 that the aim of U.S. sanctions and the oil “price cap” was not to limit the purchase of Russian ‘Ural’ oil, but to limit the revenues made …

US has not asked India to reduce Russian oil imports: Officials
8 months, 2 weeks ago

US has not asked India to reduce Russian oil imports: Officials

Hindustan Times  

NEW DELHI: The US has not asked India to reduce its imports of Russian oil and the price cap and sanctions regime imposed by the G7 are aimed at squeezing Moscow’s profits from crude sales and impeding its ability to finance the war in Ukraine, two US officials said on Thursday. Russian oil is priced above $60 a barrel The …

’My friend...’: Russian FM lauds Jaishankar’s response on oil import
9 months, 2 weeks ago

’My friend...’: Russian FM lauds Jaishankar’s response on oil import

Live Mint  

Russian foreign minister Sergey Lavrov has praised an old remark made by India's External Affairs Minister S Jaishankar at the United Nations. Lavrov at the World Youth Forum in Russia's Sochi called Jaishankar "My friend" and heaped praises on the Indian minister for navigating bilateral ties between New Delhi and Moscow amid the Ukraine war. Russian oil import According to …

‘Russia never hurt our interests’: Jaishankar defends India’s ties with Moscow
10 months ago

‘Russia never hurt our interests’: Jaishankar defends India’s ties with Moscow

Live Mint  

External Affairs Minister S Jaishankar, in an interview with a German economic daily, Handelsblatt, has said that many Western countries used to supply arms to Pakistan and not India, adding that the trend has changed in the past decade. Jaishankar reaffirmed India's "stable and friendly ties" with Russia and said Moscow has never hurt the interests of New Delhi. On …

India reduces import of Russian crude oil over pricing
11 months, 1 week ago

India reduces import of Russian crude oil over pricing

Hindustan Times  

Indian refiners have significantly cut Russian crude imports and plan to further decrease shipments from the sanctions-hit country after Moscow steeply reduced discounts from about $10 a barrel to around $2 in recent months, at least four people directly aware of the development said. Indian oil companies have decided to cut crude imports from Russia because of only one reason, …

Why India's oil purchase from Russia declined: Hardeep Singh Puri explains
11 months, 2 weeks ago

Why India's oil purchase from Russia declined: Hardeep Singh Puri explains

Hindustan Times  

Union minister of petroleum and natural gas Hardeep Singh Puri said crude oil supply in India from Russia has not dropped because of the payment-related issues. Union Minister of Petroleum and Natural Gas Hardeep Singh Puri India is one of the largest importers of crude oil in the world, but its imports from Russia significantly decreased over the past few …

'No payment problem': Hardeep Singh Puri on declining oil imports from Russia
11 months, 3 weeks ago

'No payment problem': Hardeep Singh Puri on declining oil imports from Russia

India Today  

The reduction in India's oil imports from Russia is primarily due to unattractive prices and not any payment issues, clarified Minister of Petroleum and Natural Gas Hardeep Singh Puri on Wednesday. He mentioned that, on average, India purchases 1.5 million barrels per day of Russian oil, and there have been no complaints from oil companies about facing payment settlement issues …

The dominant dollar faces a backlash in the oil market
11 months, 3 weeks ago

The dominant dollar faces a backlash in the oil market

Live Mint  

Some major emerging economies are dabbling in trading commodities without using the dollar, as they seek to reduce their reliance on the U.S. currency. And in November, Saudi Arabia and China set up a roughly $7 billion currency-swap line, which the Chinese central bank said would strengthen financial ties and expand the use of local currencies. The tight links between …

Ascent of yuan in India’s indirect trade with Russia
1 year, 1 month ago

Ascent of yuan in India’s indirect trade with Russia

Live Mint  

NEW DELHI : India’s trade with Russia in yuan is gathering pace as Russian exporters prefer being paid in the Chinese currency, two people close to the matter said. Russian exporters trading with India through Singapore and Dubai prefer the Chinese currency with greater global acceptance, one of the two people said on condition of anonymity. On 15 January, Mint …

US checks if foreign banks followed cap on Russia oil
1 year, 2 months ago

US checks if foreign banks followed cap on Russia oil

Live Mint  

A US government office is checking whether foreign banks operating in the US conformed to the G7 price cap of $60 a barrel for Russian oil, a person aware of the matter said. The US treasury department’s Office of Foreign Assets Control has sought details of Russian oil purchases by including those by Indian entities in the last few months, …

Buy ships to transport energy: Govt to oil cos
1 year, 3 months ago

Buy ships to transport energy: Govt to oil cos

Live Mint  

NEW DELHI : India’s public sector oil and gas companies are looking at purchasing ships to transport oil and gas following a Union government directive aimed to ensure energy security, two people aware of the development said. The move comes at a time of rising crude prices, a price cap on Russian oil, and a bar on the use of …

Is India's Reliance on Russian Oil Imports Reaching a Limit
1 year, 5 months ago

Is India's Reliance on Russian Oil Imports Reaching a Limit

News 18  

India’s imports of oil from Russia reached a new height as New Delhi’s daily volumes climbed to 2.2 million barrels a day in June. News18 takes a look at India’s oil trade with Russia and the future possibilities: Rapid Rise of Russian Oil India, the world’s third largest consumer of crude, bought nearly 2 million barrels per day of Russian …

Modi’s ‘rouble wise rupee foolish’ policy
1 year, 5 months ago

Modi’s ‘rouble wise rupee foolish’ policy

The Hindu  

Newsan is one of Argentina’s biggest home appliance retailers. It is not in India’s interests to help China’s ascendancy, so one would expect India to not aid and abet China’s desire to move global trade settlements from the dollar to the yuan. China sensed an opportunity in this conundrum and given its proximity to Russia, the yuan has emerged as …

Russia oil discount to India shrinks to $4, delivery charges remain opaque
1 year, 5 months ago

Russia oil discount to India shrinks to $4, delivery charges remain opaque

India TV News  

The steep discounts on Russian crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continue to remain 'opaque' and higher than normal, sources said. The discounts could have been higher if state controlled units, who account for roughly 60 per cent of the 2 million barrels per day of …

Explained | Why are India-Russia trade payments in crisis?
1 year, 5 months ago

Explained | Why are India-Russia trade payments in crisis?

The Hindu  

July 09, 2023 03:45 am | Updated 04:21 pm IST The story so far: As India continues to import oil from Russia, it is getting tougher for the country to pay for it. On the one hand, it faces repercussions of breaching the oil price cap of $60 a barrel put in place by the U.S. and European nations as …

Indian refiners said to start paying in yuan for Russian oil
1 year, 5 months ago

Indian refiners said to start paying in yuan for Russian oil

The Hindu  

As the Ukraine-Russia war drags on, Indian refiners have begun paying for some oil imports from Russia in Chinese yuan, sources with direct knowledge of the matter said on Monday. Indian refiners have also settled some non-dollar payments for Russian oil in the United Arab Emirates’ dirham, sources have said. It could not immediately be determined how much Russian oil …

India refiners start yuan payments for Russian oil imports, say sources
1 year, 5 months ago

India refiners start yuan payments for Russian oil imports, say sources

The Hindu  

Indian refiners have begun paying for some oil imports from Russia in Chinese yuan, sources with direct knowledge of the matter said, as Western sanctions force Moscow and its customers to find alternatives to the dollar for settling payments. Indian Oil Corporation, the country’s biggest buyer of Russian crude oil, in June became the first state refiner to pay for …

What to know about India's ties with Russia
1 year, 6 months ago

What to know about India's ties with Russia

The Hindu  

June 22, 2023 12:38 pm | Updated 02:06 pm IST - NEW DELHI Prime Minister Narendra Modi's visit to Washington in June was expected to reduce India's dependence on Moscow for arms, economic ties and technology as New Delhi and Washington try to strengthen the Quad partnership, which also includes Japan and Australia, to contain growing aggression from China. Here's …

India, China bought 80% of Russia's oil in May: International Energy Agency
1 year, 6 months ago

India, China bought 80% of Russia's oil in May: International Energy Agency

The Hindu  

India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80% of the oil that Moscow exported in May, the International Energy Agency said in a report. India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings by 5,00,000 …

India, China bought 80% of Russia's oil in May: Report
1 year, 6 months ago

India, China bought 80% of Russia's oil in May: Report

India TV News  

India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80 per cent of the oil that Moscow exported in May, the International Energy Agency said in a report. Russia-origin seaborne crude exports averaged 3.87 million barrels per day in May, the highest since Russia invaded Ukraine in February …

India's import of Russian oil scales new high in May
1 year, 6 months ago

India's import of Russian oil scales new high in May

The Hindu  

India's import of cheap Russian oil scaled another record in May, 2023 and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the U.S., industry data showed. Organisation of the Petroleum Exporting Countries, mainly in the Middle East and Africa, made up for as much as 90% of all crude oil India imported at one …

China, India receive record Russian crude oil in May: data
1 year, 6 months ago

China, India receive record Russian crude oil in May: data

The Hindu  

Russian crude oil imports by China and India in May hit an all-time high as buyers gorged on discounted supplies, reducing demand for oil from the Middle East and Africa, according to preliminary assessments from ship trackers. 3 crude importers and top buyers of Russian oil imported about 110 million barrels in May, data from Vortexa and Kpler showed, up …

Russia pressurising India to avoid being placed on FATF's blacklist; Will India take any steps to save Moscow?
1 year, 6 months ago

Russia pressurising India to avoid being placed on FATF's blacklist; Will India take any steps to save Moscow?

India TV News  

In a major development, the Financial Action Task Force which leads global action to tackle money laundering, terrorist and proliferation financing, is mulling to put Russia on the "black list" amid the ongoing war against its neighbouring country, Ukraine. Although it sounds quite familiar amid the fact the intergovernmental organisation had removed Moscow from the list of member counties in …

India’s oil trade has undergone a seismic shift
1 year, 7 months ago

India’s oil trade has undergone a seismic shift

Live Mint  

From where it buys crude oil to where it sells finished petroleum products, India has seen massive changes in its oil trade since the Ukraine war began, propelling profits for Indian oil companies. Russia is now India’s largest supplier of crude oil, ahead of West Asian countries, accounting for 27% of India’s crude imports this February, up from 6% in …

'Have billions of rupees in Indian banks which we can't use': Russian Foreign Minister
1 year, 7 months ago

'Have billions of rupees in Indian banks which we can't use': Russian Foreign Minister

India TV News  

Russian foreign minister Sergei Lavrov during his recent visit to India to attend SCO foreign minister's meeting in Goa made a remark saying that Moscow has billion of rupees in Indian banks but they can't use them. "This is a problem," said Russian Foreign Minister Sergei Lavrov while speaking to reporters in Goa on the sidelines of the SCO foreign …

Russia says it has billions of Indian rupees that it can’t use
1 year, 7 months ago

Russia says it has billions of Indian rupees that it can’t use

Live Mint  

Russia has accumulated billions of rupees in Indian banks which it can’t use, Foreign Minister Sergei Lavrov said Friday, pointing to a ballooning trade surplus with the South Asian nation. But for this, these rupees must be transferred in another currency, and this is being discussed now.” India’s total exports to Russia shrunk 11.6% to $2.8 billion in the first …

Data | Russia’s exports to India rise further, trade deficit balloons
1 year, 7 months ago

Data | Russia’s exports to India rise further, trade deficit balloons

The Hindu  

In February 2023, Russia sur­passed Saudi Arabia to be­ come the second biggest ex­porter of crude oil to India in FY23. In the four­-month period between November 2022 and Febru­ary 2023, Russia took over the top spot, while the shares of Saudi Ara­bia and Iraq in India’s oil imports are fast decreasing. Chart 1 | The chart shows the share …

India may buy Russian crude past cap if cut by OPEC+ boosts costs - What FM said
1 year, 8 months ago

India may buy Russian crude past cap if cut by OPEC+ boosts costs - What FM said

Live Mint  

As the Ukraine-Russia war continues, much has been said about India's ongoing import of Russian oil. Now, Finance Minister Nirmala Sitharaman has indicated that the country will explore buying Russian crude oil near or past the price cap imposed by the G-7 if necessary. While India has not signed any agreement with the Western powers to impose a price cap …

Russian oil exports back above pre-Ukraine war levels as India and China buy 90%
1 year, 8 months ago

Russian oil exports back above pre-Ukraine war levels as India and China buy 90%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Forget dollar, India, Russia must create digital rupee or ruble to boost trade relations: Top Moscow official
1 year, 8 months ago

Forget dollar, India, Russia must create digital rupee or ruble to boost trade relations: Top Moscow official

India TV News  

Russia-India Business Forum: Amid the ongoing Russia-Ukraine war, the former has emphasised the "event" as an opportunity for Moscow to explore more Indian markets and vice-versa with an aim of promoting a "common currency". Speaking at the two-day St. Petersburg International Economic Forum event in New Delhi, Deputy Chairman of the State Duma Alexander Babakov, on Thursday, stressed that both …

India’s oil deals with Russia dent decades-old dollar dominance
1 year, 9 months ago

India’s oil deals with Russia dent decades-old dollar dominance

Live Mint  

U.S.-led international sanctions on Russia have begun to erode the dollar's decades-old dominance of international oil trade as most deals with India - Russia's top outlet for seaborne crude - have been settled in other currencies. After a coalition opposed to the war imposed an oil price cap on Russia on Dec. 5, Indian customers have paid for most Russian …

India's Russian oil imports hit record high in February; now more than Iraq, Saudi put together
1 year, 9 months ago

India's Russian oil imports hit record high in February; now more than Iraq, Saudi put together

The Hindu  

India's imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia. From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine conflict in February 2022, Russia's share of India's imports rose …

How China and India’s appetite for oil and gas kept Russia afloat
1 year, 10 months ago

How China and India’s appetite for oil and gas kept Russia afloat

Al Jazeera  

Despite Western-led sanctions aimed at punishing Russia over its war in Ukraine, growing demand for Russian energy imports has helped keep the country’s besieged economy afloat. China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed …

U.S. will not sanction India for buying Russian oil, say senior American officials
1 year, 10 months ago

U.S. will not sanction India for buying Russian oil, say senior American officials

The Hindu  

The United States does not intend to sanction India over its continued purchase of Russian oil, senior American officials have said, calling New Delhi one of their most “consequential” partners. Ahead of a week-long visit to India by U.S. Assistant Secretary for Energy Resources Geoffrey Pyatt, where the response to the war in Ukraine will be on the agenda, the …

India's unwavering appetite for Russian crude lifts Jan. inflows to record high
1 year, 10 months ago

India's unwavering appetite for Russian crude lifts Jan. inflows to record high

The Hindu  

India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional Middle-Eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine conflict, …

India's unwavering appetite for Russian crude lifts January inflows to record high
1 year, 10 months ago

India's unwavering appetite for Russian crude lifts January inflows to record high

The Hindu  

India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1% in India's import basket before the start of the Russia-Ukraine …

India-Russia relations 'under stress' amid war and 'West interference', says top Moscow official
1 year, 10 months ago

India-Russia relations 'under stress' amid war and 'West interference', says top Moscow official

India TV News  

India-Russia relationship: Amid the ongoing war between Russia and Ukraine and the alleged soaring influence of the West, a top Russian official claimed that the relations between Moscow and New Delhi are currently going under "stress". The Russian official alleged the US government working as an " Further, Alipov asserted that the mechanism for Rupee-Rouble trade between India and Russia …

India's Russian oil imports highest ever, makes up for 25% of all oil import
1 year, 11 months ago

India's Russian oil imports highest ever, makes up for 25% of all oil import

Hindustan Times  

India's import of crude oil from Russia increased further in December 2022, topping 1 million barrels per day for the first time ever as Moscow remained its top oil supper for the third month in a row, according to data from energy cargo tracker Vortexa. Russia, which made up for just 0.2 per cent of all crude oil India imported …

Why trade settlement in Indian rupee is important for Russia?
1 year, 11 months ago

Why trade settlement in Indian rupee is important for Russia?

Firstpost  

Russia using Indian rupee trade mechanism will increase the volumes of products that New Delhi supplies to Moscow New Delhi: Late in December 2022, Russia became the first country to switch trade settlements in Indian rupee. Must Read: Russia starts foreign trade settlements in rupee, more countries to join According to a report by Reuters, the European Union is eyeing …

India to make Russia its number one oil supplier this month in move that could scupper impact of price cap
2 years ago

India to make Russia its number one oil supplier this month in move that could scupper impact of price cap

The Independent  

Russia is on its way to becoming India’s top oil supplier this month in a move that will likely undermine the impact of a price cap imposed by G7 countries and their Western allies. Rajeev Jain, additional director-general at India’s petroleum ministry, told The Independent that India’s ranking in Russia’s energy trade is “not a matter for our calculations” as …

Russia biggest oil supplier to India second month in a row in November, surpasses Iraq, Saudi Arabia
2 years ago

Russia biggest oil supplier to India second month in a row in November, surpasses Iraq, Saudi Arabia

Firstpost  

Russia remained the top oil supplier to India, ahead of Iraq and Saudi Arabia, both in October and November New Delhi: Russia continued to be India’s largest oil supplier for the second consecutive month in November with Moscow supplying 909,400 barrels per day of crude during the month, according to energy cargo tracker Vortexa. Countries from which India imports crude …

Ukraine slams India for buying Russian oil, calls it 'morally inappropriate'
2 years ago

Ukraine slams India for buying Russian oil, calls it 'morally inappropriate'

New Indian Express  

A day earlier India's top diplomat had defended the purchases of discounted Russian crude, saying Europe's imports still dwarfed those of his country despite the continent's efforts to reduce its dependence. But Ukraine's Dmytro Kuleba told NDTV it was "completely wrong" to justify buying oil from Russia "by arguing that Europeans were doing the same." India has increased its purchases …

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