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Business Standard
29 minutes ago
- Business Standard
Russia invites Indian exports as US tariffs hit trade, defends oil ties
India can sell more of its products to Russia if it faces challenges in the US market, a senior Russian diplomat said on Wednesday, defending New Delhi's continued purchase of Russian crude oil despite mounting American pressure. At a press conference in New Delhi, Russian Deputy Chief of Mission Roman Babushkin called Washington's stance on India's energy trade with Moscow 'unjustified' and 'unilateral". 'If Indian goods are facing difficulties entering the US market, the Russian market is welcoming Indian exports,' he said. 'The sanctions are hitting those who are imposing them. It is a challenging situation for India but we have trust in our ties. We are confident that India-Russia energy cooperation will continue notwithstanding the external pressure.' #WATCH | Delhi | Roman Babushkin, Chargé d'Affaires of the Russian Embassy in India, says, " (EAM) Dr S Jaishankar is in Moscow. He will meet Mr Lavrov tomorrow. They will discuss everything important, including global issues." — ANI (@ANI) August 20, 2025 'India-Russia ties built on complementarity' Babushkin stressed that Moscow remains India's largest crude oil supplier and that the two economies complement each other. 'Let's proceed from the fact that Russia is the biggest supplier to India of crude oil. And India's demands are growing year by year. Certainly, this is a perfect case of mutual accommodation and complementarity of our economies. We are quite certain that our cooperation will continue,' he said. The Russian diplomat's remarks came a day after White House Press Secretary Karoline Leavitt said US President Donald Trump had imposed new tariffs on India to "discourage" Russia from continuing the Ukraine conflict. A 25 per cent duty is set to take effect on August 27, with Washington already warning of sanctions on countries purchasing Russian oil. India and China are the two largest buyers. Jaishankar in Moscow as tensions rise The comments also coincided with External Affairs Minister S Jaishankar's three-day visit to Russia, where he is scheduled to meet Foreign Minister Sergei Lavrov. According to Babushkin, Western nations cannot be trusted to treat India as an equal partner. 'If India refuses Russian oil, it will not lead to equal cooperation with the West in general because it is not in the Western nature, which was clearly demonstrated in recent years. They behave like neocolonial powers that think of their own benefit. This pressure is unjustified and unilateral,' he said. He added, 'If the West criticises you, it means you are doing everything right. We don't expect that to happen (India to stop buying oil from Russia). We know about the challenging circumstances for India. This is the true strategic partnership we are enjoying.' Putin-Modi talks underline partnership Babushkin also highlighted the recent phone call between Prime Minister Narendra Modi and Russian President Vladimir Putin. 'The recent phone call by President Putin to PM Modi ji, explaining and sharing the information about recent developments in Ukraine, means India matters a lot to Russia. We are capable of finding any solution for mutual satisfaction. The deepening of our partnership will help us grow together,' he said. He pointed out that despite years of Western sanctions, bilateral trade had grown significantly. 'We have seen this problem of sanctions for many years now, but our trade is growing. In recent years, our trade has grown by seven times,' he noted. Russia slams US 'double standards' The Russian diplomat criticised Washington for straining ties with New Delhi while calling itself a partner. 'As we all know, the sanctions are a tool of unlawful competition. It's always about double standards. A lack of trust, blackmail and pressure, as well as disrespect of national interests. Friends don't behave like that,' he said. He added that Russia and Brics countries never impose sanctions, calling non-UN and secondary sanctions 'illegal". 'They just weaponise the economy. Despite the tremendous sanction pressure on Russia, you will see the Russian economy is growing steadily,' he said. US tariffs hit Indian exports On August 6, Trump announced an additional 25 per cent duty on Indian goods over New Delhi's continued oil imports from Russia. He later doubled the tariff to 50 per cent, the highest imposed on any country apart from Brazil. Key Indian export sectors such as textiles, leather, and marine products are expected to be badly hit. India condemned the move as 'unfair, unjustified and unreasonable'. Prime Minister Modi has said New Delhi will not bow to economic pressure. Leavitt later clarified that the sanctions aimed to put 'secondary pressure on Russia.' She added, 'The president has put tremendous public pressure to bring this war to a close. He's taken actions, as you've seen, sanctions on India and other actions as well.' (With ANI inputs)
Mint
29 minutes ago
- Mint
Gold price today: Can MCX gold rates sustain above ₹1 lakh amid Russia-Ukraine ceasefire talks?
Gold price today: Gold prices slipped by ₹ 103 to ₹ 98,593 per 10 grams in futures trade on Wednesday, weighed down by weak spot demand. On the Multi Commodity Exchange (MCX), October delivery contracts fell by ₹ 103, or 0.1%, to ₹ 98,593 per 10 grams, with a trading volume of 14,029 lots. Meanwhile, in the international markets, spot gold declined 0.4% to $3,317.71 per ounce, after earlier touching its lowest level since August 1 during the session. The dollar index trimmed earlier losses and held steady, while yields on the benchmark 10-year Treasury slipped. Later this week, the Federal Reserve will host its annual symposium in Jackson Hole, Wyoming, where Fed Chair Jerome Powell is set to speak on Friday about the economic outlook and the central bank's policy approach. On the geopolitical side, signs suggest the Russia-Ukraine conflict may be nearing its conclusion. As reported by Reuters, Ukrainian President Volodymyr Zelenskiy described his talks at the White House as a "major step forward" toward ending the war, paving the way for a trilateral meeting with Russian President Vladimir Putin and Trump. "Gold prices inched lower to their lowest level in nearly three weeks as the dollar strengthened, while investors awaited Fed chair speech at the Jackson Hole symposium later this week. U.S. dollar index climbed to its highest level in more than a week. Meanwhile, USDINR fell below 87, weighing further on domestic prices. U.S. President Trump ruled out deploying ground troops to Ukraine but suggested air support could be part of a deal to end Russia's war in the region. Ukrainian President Volodymyr Zelensky hailed the White House talks as a "major step forward" towards ending Europe's deadliest conflict in 80 years and setting up a trilateral meeting with Russian President Vladimir Putin and Trump," said Manav Modi, Analyst – Precious Metal Research, Motilal Oswal Financial Services Ltd Renisha Chainani, Head - Research at Augmont, gold seems to continue its downward trajectory after sustaining below $3400. Next target is $3340 (~ ₹ 98500), while $3445 (~ ₹ 100,500) remains the resistance, Chainani said. Meanwhile, on the other hand, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, gold is expected to trade with a mildly positive bias within ₹ 99,000– ₹ 1,00,000 on MCX and $3,335–$3,360 on Comex. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Deccan Herald
29 minutes ago
- Deccan Herald
Beyond numbers: Vice-presidential contest morphs into Tamil-Telugu battle, but Bihar looms in the background
Hyderabad, Telangana: On INDIA bloc's Vice-Presidential candidate and former Supreme Court judge B. Sudershan Reddy, CM Revanth Reddy says, "It is a matter of pride to announce Sudershan Reddy, a Telugu born into an agricultural family, as a candidate, beyond politics. It is the… — IANS (@ians_india) August 19, 2025 #WATCH | Hyderabad: On INDIA alliance VP nominee former Supreme Court Judge B. Sudershan Reddy, Telangana CM Revanth Reddy says, "... Our cabinet and Congress party, on behalf of the people of Telangana and on behalf of the Telugu community, we request Telugu Desam Party,… — ANI (@ANI) August 19, 2025
