India's Licence Raj offers America important lessons
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Reuters
3 minutes ago
- Reuters
India to maintain Russian oil imports despite Trump threats, government sources say
NEW DELHI, Aug 2 (Reuters) - India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp ( opens new tab, Hindustan Petroleum Corp ( opens new tab, Bharat Petroleum Corp ( opens new tab and Mangalore Refinery Petrochemical Ltd ( opens new tab have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft ( opens new tab, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
The Guardian
20 minutes ago
- The Guardian
ESPN reportedly selling equity stake for RedZone and other NFL properties
ESPN has reached a deal with the NFL to purchase RedZone, NFL Network and other league holdings, the Athletic reported on Friday. The NFL will receive equity in ESPN that 'is potentially worth billions' in exchange, according to the report. An official announcement is expected next week, ending a four-year period of complicated, on-and-off negotiations. Both sides declined to provide comment to the Athletic. In addition to RedZone and NFL Network, ESPN will gain access to seven more regular-season games and the NFL's fantasy football operations, as well as the potential to integrate sports betting and other special features. The NFL's equity stake in ESPN could be as much as 10%, CNBC first reported and the Athletic confirmed. An ESPN-NFL deal would require regulatory approval, a process that could take up to a year to complete. The two sides already have a cozy relationship. ESPN pays the NFL about $2.7bn per year to air a total of 25 games, including Monday Night Football. The network also holds the rights to the Super Bowls in 2027 and 2031. Friday's reported agreement comes as ESPN is preparing to launch its direct-to-consumer service, with subscribers paying $29.99 per month to bypass cable and satellite providers to view all of the network's programming through the ESPN app.
Daily Mail
33 minutes ago
- Daily Mail
The REAL Hunting Wives of Texas: Inside the East Texas town that inspired the Netflix hit show
They shoot skeet, they go to church every Sunday, and they vote Republican in every election. But underneath their typical Southern Christian façade lies something much deeper and darker, including scandal, cheating and even murder.
