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 of se­lect top countries in India’s crude oil imports in the April­-February period for the past four financial years. Click to remove AMP mode Chart 2 | The chartshows the share of se­lect top countries in India’s crude oil imports in the last seven months. Chart 3 | The chart shows India’s imports from Russia and its share in India’s total imports in FY23 Click to subscribe to our Data newsletter India and China have snapped up the vast majority of Russian oil in April at prices above the West­ern price cap of $60 per barrel, ac­cording to traders and Reuters cal­culations.

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History of this topic

India’s Trade Deficit Widens to Record as Gold Demand Soars
Top News
1 week, 1 day ago

India’s Trade Deficit Widens to Record as Gold Demand Soars

Live Mint  

-- India’s trade deficit expanded to a record high in November, as the nation’s import bill ballooned, particularly due to a rise in gold shipments. The gap between exports and imports stood at $37.8 billion in November, trade ministry data showed Monday, much higher than the $23 billion deficit forecast by economists in a Bloomberg survey. A widening trade deficit …

India’s crude oil imports from Russia drop 55% in November, lowest since June 2022
1 week, 2 days 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 …

Rosneft, Reliance agree biggest ever India-Russia oil supply deal: Reports
1 week, 5 days ago

Rosneft, Reliance agree biggest ever India-Russia oil supply deal: Reports

Deccan Chronicle  

Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day of crude to Indian private refiner Reliance in the biggest ever energy deal between the two countries, three sources familiar with the deal said.The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at today's prices. The company declined …

Exclusive-Rising costs squeeze intermediaries out of thriving Russian oil trade with India
2 weeks, 5 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’s crude oil and LNG shipments to Asia slip slightly in 2024: Russell
3 weeks ago

Russia’s crude oil and LNG shipments to Asia slip slightly in 2024: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Dec 3 - Asia's imports of Russian crude oil and liquefied natural gas are set to log small declines this year and while coal had a bigger drop, there's little evidence that Western sanctions are working well. In barrels per day terms, Asia's seaborne imports from Russia are likely to come in around 3.22 million …

Saudi Arabia boosts crude oil share in Asia at Russia’s expense: Russell
3 weeks, 1 day ago

Saudi Arabia boosts crude oil share in Asia at Russia’s expense: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, - Saudi Arabia clawed back market share of Asia's crude oil imports in November, while Russia surrendered some of its barrels in what may be an early sign of a shift in market dynamics. Asia's imports from Saudi Arabia, the world's biggest crude exporter, rose to 5.83 million barrels per day in November, up from …

Trade on track: Russia looks up to India for train manufacturing to meet domestic demand
3 weeks, 6 days ago

Trade on track: Russia looks up to India for train manufacturing to meet domestic demand

Firstpost  

Russia is seeking to invest in and expand the manufacturing of trains as well as their components in India to meet its growing domestic demand Russia eyes to deepen its trade ties with India — one of the top economies still in robust trade with the country after its President Vladimir Putin ordered the invasion of Ukraine 36 months ago. …

India’s trade deficit with China soars during April-October despite import curbs
Trending News
1 month, 1 week ago

India’s trade deficit with China soars during April-October despite import curbs

Live Mint  

New Delhi: India’s merchandise trade deficit with China has risen 13% during the first seven months of the current fiscal year, despite government measures aimed at cutting reliance on the Asian manufacturing major and restrictions on import of certain products from the country. India's goods trade deficit with China widened to $57.83 billion during April-October from $51.12 billion a year …

India’s current account deficit to remain manageable in FY25, Rupee to remain in pressure: Bank of Baroda
1 month, 1 week ago

India’s current account deficit to remain manageable in FY25, Rupee to remain in pressure: Bank of Baroda

Live Mint  

New Delhi, November 15 : India's current account deficit will remain within a manageable range for both FY25 and FY26, largely due to muted oil prices that are expected to support the country's external financial position, projected a recent report by Bank of Baroda. Despite global market volatility, the report stated that steady oil prices at current levels are a …

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 confident of achieving USD 100 billion trade with Russia by 2030: Jaishankar
1 month, 1 week ago

India confident of achieving USD 100 billion trade with Russia by 2030: Jaishankar

Firstpost  

In his televised opening remarks at the 25th session of the IRIGC-TEC, Jaishankar said the trade between the two countries needs to be ”more balanced and that would require addressing current constraints and undertaking greater facilitative efforts.” India is confident of achieving USD 100 billion in annual bilateral trade with Russia well ahead of the timeline of 2030 and a …

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 stresses need to address trade imbalance with Russia
Trending News
1 month, 1 week ago

India stresses need to address trade imbalance with Russia

Hindustan Times  

New Delhi The imbalance in India-Russia trade needs to be addressed urgently, including steps to remove non-tariff barriers and regulatory impediments and facilitate the settlement of trade in national currencies, external affairs minister S Jaishankar said on Monday. Jaishankar’s remarks, made while addressing the India-Russia Business Forum in Mumbai alongside Russia’s first deputy prime minister Denis Manturov, came against the …

India-Russia trade reaching $100 bn by 2030 more than realistic, says Jaishankar
Top News
1 month, 1 week ago

India-Russia trade reaching $100 bn by 2030 more than realistic, says Jaishankar

Firstpost  

External Affairs Minister S Jaishankar said India-Russia trade today is at $66 billion and ’this makes the goal of reaching $100 billion by 2030 more than realistic' External Affairs Minister S Jaishankar and Russia's First Deputy Prime Minister Denis Manturov at the India-Russia Business Forum, Mumbai, on November 11, 2024. Source: X | @DrSJaishankar India-Russia trade currently is at $66 …

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU
1 month, 2 weeks ago

Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU

The Hindu  

India's export of fuels like diesel to the European Union jumped 58% in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. "In the 13 months since the oil price cap took effect, over one-third of India's exports of oil products to sanctioning countries was …

India deserves to be in list of global superpowers: Putin
1 month, 2 weeks ago

India deserves to be in list of global superpowers: Putin

Deccan Chronicle  

Moscow: India deserves to be included in the list of global superpowers as its economy is currently growing faster than in any other country, Russian President Vladimir Putin has said. Addressing the plenary session of the Valdai Discussion Club in Sochi on Thursday, Putin also said Russia is developing relations with India in all directions and there is a great …

‘India did entire world a favour’: Hardeep Singh Puri on India’s stance to buy Russian oil, ‘if we had not done so…’
1 month, 2 weeks ago

‘India did entire world a favour’: Hardeep Singh Puri on India’s stance to buy Russian oil, ‘if we had not done so…’

Live Mint  

Union Petroleum and Natural Gas minister Hardeep Singh Puri said that India's decision to buy oil from Russia amid global uncertainties helped prevent a potential spike in global oil prices. In an interview with CNN's Becky Anderson in Abu Dhabi, Union minister Puri explained that if the Indian government hadn't bought Russian oil, global oil price would have gone up …

Is the spike in India’s trade deficit a worry?
3 months ago

Is the spike in India’s trade deficit a worry?

The Hindu  

The story so far: After a positive start to goods exports in the first quarter of 2024-25, there has been a blip in momentum. On the exports front, 18 of India’s top 30 segments recorded growth in July and 19 in August, but the big-ticket sectors like petroleum, and gems and jewellery, have tanked significantly. While gems and jewellery exports …

India, Russia aim for speedy conclusion of bilateral investment treaty
3 months ago

India, Russia aim for speedy conclusion of bilateral investment treaty

Hindustan Times  

New Delhi Seven years after the expiry of the investment treaty between India and Russia, the two countries have launched negotiations to expeditiously conclude a fresh pact to ramp up investments and business cooperation, officials from both sides said. A second official said the two sides are “close to moving forward” with the investment treaty since it is a “good …

India has trade surplus with 151 nations; deficit with 75 during Jan-June 2024: GTRI
3 months, 3 weeks ago

India has trade surplus with 151 nations; deficit with 75 during Jan-June 2024: GTRI

The Hindu  

India has recorded trade surplus with as many as 151 countries such as the U.S. and Netherlands, while the country has a trade deficit with 75 nations including China and Russia during the first half of this year, according to think tank GTRI. "Between January and June 2024, India had a trade surplus with 151 countries, representing 55.8 per cent …

Trade tact: The Hindu Editorial on India’s trade policy focus
5 months ago

Trade tact: The Hindu Editorial on India’s trade policy focus

The Hindu  

India’s goods exports rose for the third successive month this June, growing 2.55% to $35.2 billion. With oil prices virtually unchanged over the last two months, this signals a drop in export volumes, just as a sharper 19.6% rise in June’s oil imports suggests a domestic demand spike. The oil deficit accounts for almost half of the first quarter trade …

India seeks to boost exports to Russia after Modi's visit
5 months, 1 week ago

India seeks to boost exports to Russia after Modi's visit

Hindustan Times  

India is exploring ways to boost its exports to Russia, including by encouraging rupee-rouble trade and pushing Moscow to lift non-tariff barriers, New Delhi said on Monday, in the wake of Prime Minister Narendra Modi's visit to Moscow. Prime Minister Narendra Modi exchanges greetings with Russian President Vladimir Putin after receiving the Order of St Andrew the Apostle the First-Called, …

Watch: Modi-Putin meet- What is India’s message from Moscow?
5 months, 1 week ago

Watch: Modi-Putin meet- What is India’s message from Moscow?

The Hindu  

There were many firsts to PM Modi’s two day visit to Russia, his first since the invasion of Ukraine, and his first destination for a bilateral summit in his 3rd tenure in office, the first time they held the Annual Summit since 2021, and the first time an Indian leader was awarded Russia’s. The India Russia Joint Statement issued spoke …

Russia in talks for developing six more nuclear power units in India amid PM Modi's visit: Report
5 months, 2 weeks ago

Russia in talks for developing six more nuclear power units in India amid PM Modi's visit: Report

India TV News  

PM Modi's Russia visit: Prime Minister Narendra Modi's high-profile bilateral visit saw numerous agreements across several critical areas, including trade, climate change, and research. Russian state nuclear corporation Rosatom said it was discussing building six more nuclear power units in India; the Russian Direct Investment Fund inked pharma, shipbuilding and education agreements; and Russia's second-largest bank spoke of efforts to …

Putin hosts India’s prime minister to deepen ties, but Ukraine looms over their relationship
5 months, 2 weeks ago

Putin hosts India’s prime minister to deepen ties, but Ukraine looms over their relationship

Associated Press  

Indian Prime Minister Narendra Modi met President Vladimir Putin in Moscow on Tuesday, seeking to deepen the relationship between the two nuclear powers at a time when NATO leaders gathered in Washington and Russia launched deadly missile attacks in Ukraine that hit a children’s hospital. “Our relationship is one of a particularly privileged strategic partnership,” Putin told Modi, who made …

‘There are issues...like trade imbalance’: S Jaishankar on PM Modi's Russia visit
5 months, 2 weeks ago

‘There are issues...like trade imbalance’: S Jaishankar on PM Modi's Russia visit

Hindustan Times  

Prime Minister Narendra Modi's Russia visit is a great opportunity for him and the country's president, Vladimir Putin, to hold direct talks on a host of issues including trade, said external affairs minister S Jaishankar on Sunday. "There are issues.like the trade imbalance.So, at a leadership level, it will be a great opportunity for Prime Minister Modi and President Putin …

Build your plants in Russia, Moscow tells Indian drugmakers
6 months, 2 weeks ago

Build your plants in Russia, Moscow tells Indian drugmakers

Live Mint  

New Delhi: Sanctions-hit Russia is looking to India for drug security at a time of shortages triggered by its war in Ukraine, a government official aware of the matter said. Moscow has proposed financial support for Indian companies ready to build facilities in Russia, and is seeking higher pharmaceutical exports from India to meet domestic demand, the official said on …

India in trade deficit with nine of top 10 trading partners in 2023-24
6 months, 4 weeks ago

India in trade deficit with nine of top 10 trading partners in 2023-24

The Hindu  

India has recorded a trade deficit, the difference between imports and exports, with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24, according to official data. India's total trade deficit in the last fiscal narrowed to $238.3 billion as against $264.9 billion in the previous fiscal. Economic think tank Global Trade Research Initiative said …

EAM Jaishankar Says India’s spike in trade with Russia not a ‘temporary phenomenon
7 months, 1 week ago

EAM Jaishankar Says India’s spike in trade with Russia not a ‘temporary phenomenon

The Hindu  

India's rise in trade with Russia should not be seen as a "temporary phenomenon" as more economic opportunities are emerging, India's Foreign Minister said on Friday. India and Russia have a close relationship stretching back decades, and New Delhi has refused to condemn Moscow over its February 2022 invasion of Ukraine, urging the two sides to end the conflict through …

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. …

India's crude oil import bill drops 16% in FY24, import dependence soars to 87%
8 months, 1 week ago

India's crude oil import bill drops 16% in FY24, import dependence soars to 87%

Live Mint  

India's crude oil import dropped 16 per cent in the fiscal year ended March 31 as lower international rates but the dependency on overseas suppliers rose to a new high, official data showed. {{^adFree}} {{/adFree}} But it paid USD 132.4 billion for the imports in FY24 as against USD 157.5 billion import bill in 2022-23, oil ministry's Petroleum Planning and …

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 …

US to tell event in India that price cap on Russian oil working
8 months, 2 weeks ago

US to tell event in India that price cap on Russian oil working

Hindustan Times  

The G7 price cap on Russian oil shipments is cutting the revenue that Moscow has available to support its invasion of Ukraine, and the mechanism's effectiveness is helped by the recent actions of Indian refiners, U.S. officials will tell an event in New Delhi on Thursday, according to prepared remarks. "We know that the Indian economy has much at stake …

Russian Ukraine conflict: CNN claims India is helping Putin get richer. Here's how it is wrong
9 months, 2 weeks ago

Russian Ukraine conflict: CNN claims India is helping Putin get richer. Here's how it is wrong

Op India  

The Russian oil industry is “booming despite war, sanctions” and CNN is livid with disbelief, to put it mildly. They have demanded to “close the “refining loophole”, which allows EU and G7 countries to import oil products — mainly diesel, jet fuel and gasoline — produced from Russian oil at refineries in third countries like India, Turkey or UAE.” India …

’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 …

Petroleum exports drop sharply as West tightens squeeze on Russia
10 months ago

Petroleum exports drop sharply as West tightens squeeze on Russia

Live Mint  

NEW DELHI: Earnings from petroleum shipments fell steeply in April-January FY24 due to the global economic slowdown, a rise in domestic consumption, and shrinking discounts on Russian oil. According to data from the government’s Niryat portal, earnings from exports of chemicals and petroleum products stood at $67.11 billion in the April-January FY24 period, down 11.29% from $75.65 billion in the …

No disruption in oil flows to India, only freight up: HPCL head
10 months, 3 weeks ago

No disruption in oil flows to India, only freight up: HPCL head

The Hindu  

The ongoing attacks on shipping vessels by Houthi militants in the Red Sea have not impacted the flow of crude oil to India but freight has gone up due to rerouting via the Cape of Good Hope, Hindustan Petroleum Corporation Limited Chairman Pushp Kumar Joshi said. OPINION | The larger message to New Delhi from the Red Sea In a …

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 …

India, Russia talk small modular reactors, pushes for Kudankulam completion
11 months, 3 weeks ago

India, Russia talk small modular reactors, pushes for Kudankulam completion

Hindustan Times  

India and Russia have decided to expand their civilian nuclear cooperation, with Moscow willing to share technology for a small modular reactor used in power generation, even as both sides are pushing towards the completion of Phase 1 the of 6,000MW Kudankulam nuclear power project in Tamil Nadu, according to people familiar the matter. India’s external affairs minister S Jaishankar …

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 …

In Moscow to meet Putin and Lavrov, India’s foreign minister praises growing trade
11 months, 3 weeks ago

In Moscow to meet Putin and Lavrov, India’s foreign minister praises growing trade

Associated Press  

MOSCOW — India’s foreign minister met Wednesday with Russian President Vladimir Putin, who said relations between the countries are progressing even amid turbulent times. At the start of the meeting, Putin said he would inform the Indian diplomat about the fighting in Ukraine, on which Indian Prime Minister Narendra Modi has held a neutral stance. “I know about his desire …

Russia minister says oil supplies to India increased to 40 percent since Ukraine war
11 months, 3 weeks ago

Russia minister says oil supplies to India increased to 40 percent since Ukraine war

Hindustan Times  

Moscow: Russia's deputy prime minister Alexander Novak said on Wednesday his country has redirected most its oil supplies towards India and China after the West enforced economic sanctions against it over the Ukraine war. "China -- whose share has grown to 45-50 percent -- and India have become our main partners in the current situation," Novak was quoted as saying …

The turning tides of US sanctions: India caught between a rock and a hard place
1 year ago

The turning tides of US sanctions: India caught between a rock and a hard place

Live Mint  

The recent escalation of US sanctions against Russia seems to have significant consequences for the Indian market. In the context of the US' secondary sanctions targeting Russia, India too can resort to such countermeasures to provide an avenue of insulation for its fiscal priorities and market interests. Forms of countermeasures Bilateral negotiations and conditional waivers The US government can authorize …

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC
1 year, 1 month ago

India's crude oil output up 1.3% to 2.5 MMT in October, imports rise after four months of declines: PPAC

Live Mint  

India produced a total of 2.5 million metric tonnes of crude oil in October 2023 - registering a growth of 1.3 per cent compared to the year-ago period, according to Petroleum Planning & Analysis Cell. According to PPAC data, crude oil imports increased by 2.2 per cent and by 0.6 per cent during October 2023 and April-October 2023 respectively, compared …

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 …

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