'Tariffs Won't Stop Us': Malaysian PM Roars At Trump After Putin Meet
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Business Standard
a few seconds ago
- Business Standard
Indian refiners scour globe for more oil ahead of Trump-Putin summit
By Serene Cheong and Rakesh Sharma Refiners in India, the world's top importer of seaborne Russian crude, are scouring the globe for alternative supplies, hedging their bets ahead of a summit between the US and Russian leaders. President Donald Trump, eager to gain traction in talks with Vladimir Putin, has demanded that India stop purchases of cut-price crude and doubled tariffs on the country's goods as punishment for imports he has said were fuelling 'the war machine'. The move left refiners in the world's third-largest oil consumer looking to switch up their procurement plans. India's state processors have bought large volumes of non-Russian crude this week for prompt September-October delivery, extending a buying spree spurred by an early threat by Washington. Indian Oil Corp. and Bharat Petroleum Corp. have taken cargoes from all corners of the market including the US, but also Brazil and the Middle East. These spot market purchases come on top of supplies from long-term sellers like Saudi Arabia, which is set to send about 22.5 million barrels of crude to India for September loading, traders said. India's monthly imports from Saudi last exceeded that level in September 2024, according to data from analytics firm Kpler. The meeting between Trump and Putin in Alaska on Friday will be closely watched by the industry, eager for clues as to whether the US will ease pressure on Russian sales — or crank it up. India has long had close ties to Russia and Foreign Affairs Minister S. Jaishankar will be traveling to Moscow next week with a delegation that's likely to include Petroleum Secretary Pankaj Jain, the most senior bureaucrat in the oil ministry. Jaishankar will hold talks with his Russian counterpart Sergei Lavrov on Aug. 21, according to a post on X by Russia's Ministry of Foreign Affairs on Wednesday. Historically, India has not been a significant importer of Russian crude, depending more heavily on the Middle East. All that changed in 2022, after the invasion of Ukraine and a $60-per-barrel price cap imposed by the Group of Seven nations that aimed to limit the Kremlin's oil revenues while keeping supplies flowing globally. India's imports amounted to about 1.7 million barrels a day, or nearly 37% of the nation's overseas purchases, in mid-2025. They were mostly of Urals crude, a medium-density grade that can be interchanged with barrels from across the Middle East. While the total volume that India would need to find as replacement is significant, the task has been made less challenging in a market awash with oil after the return of OPEC+ barrels and softer demand from major economies such as China. For now, Indian private refiners such as Reliance Industries Ltd. and Nayara Energy are still expected to continue buying Russian crude, some of which is procured via term contracts, even as state refiners hold back on spot purchases for loading in October. Russian producers have already started to tout Urals more aggressively to Chinese buyers in response to the potential shift. Prices have been cut for offers of Urals for delivery in September to October, suggesting some of the oil was diverted from Indian buyers. Indian importers who still want to take Russian crude are being met with hesitation from banking and logistics partners worried about the prospect of Trump's threat of so-called secondary sanctions on those supporting the trade. In light of such reservations, traders said some private players may increasingly look at buying more Russian crude using smaller banks, Chinese yuan and dark-fleet tankers. Trump has warned he would impose 'very severe consequences' if Putin doesn't agree to a deal later this week, a threat that the oil market will struggle to fully quantify and prepare for. Oil-market observers have said that the Chinese may be wary of piling in on Russian crude — taking supplies that it doesn't desperately need due to ample flows from Iran — to avoid Washington's wrath.
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First Post
a few seconds ago
- First Post
Jaishankar in Moscow, Wang Yi in Delhi: Why this is an important time for Indian diplomacy
External Affairs Minister S Jaishankar will travel to Moscow next week, where he will meet Russian Foreign Minister Sergey Lavrov on August 21. Talks with Russian President Vladimir Putin could also be on the cards. Before the EAM's trip, Chinese Foreign Minister Wang Yi is expected to be in India. The two visits come amid a strain in New Delhi's ties with the US over trade Chinese Foreign Minister Wang Yi will visit India next week. Foreign Minister Subrahmanyam Jaishankar will head to Russia. File Photo/Reuters India will boost engagement with Russia and China at the top levels over the coming weeks, amid a strain in ties with the United States over trade. External Affairs Minister (EAM) S Jaishankar will be in Moscow next week to meet Russian Foreign Minister Sergey Lavrov on August 21. Before Jaishankar heads to Russia, India is reportedly preparing to host Chinese Foreign Minister Wang Yi. This will be the first high-level visit from China following a four-day conflict between India and Pakistan in May after Operation Sindoor. STORY CONTINUES BELOW THIS AD As relations with the US take a hit over trade, India's ties with Russia and China are evolving. Let's take a closer look. Jaishankar in Russia, China's FM in India EAM S Jaishankar is slated to visit Russia on a two-day trip next week. He will hold talks with Russian Foreign Minister Lavrov and a meeting with Russian President Vladimir Putin could also be in the cards. 'The Ministers will discuss key issues on our bilateral agenda, as well as key aspects of cooperation within international framework,' the Russian Foreign Ministry said, announcing Jaishankar's Moscow visit on Wednesday (August 13). This will be the third meeting between Jaishankar and Lavrov in the past few weeks. The duo last met on the sidelines of the Shanghai Cooperation Organisation (SCO) Council of Foreign Ministers (CFM) meeting in Tianjin on July 15, as well as on the margins of the 17th Brics Summit in Rio de Janeiro on July 6. During his Moscow visit, the EAM could also co-chair the 26th session of the India-Russia Intergovernmental Commission on Trade and Economic, Scientific-Technological and Cultural Cooperation, reported PTI. India's purchase of Russian crude oil is likely to feature during Jaishankar's meetings with Russian leaders. Russia's conflict with Ukraine is also expected to be discussed. Before Jaishankar's Moscow trip, Chinese Foreign Minister Wang Yi will reportedly be in India next week. As per Indian Express sources, Wang will be in New Delhi on August 18 for the Special Representative-level talks with National Security Adviser (NSA) Ajit Doval. STORY CONTINUES BELOW THIS AD India is yet to officially announce the visit of the Chinese foreign minister, which could come as early as August 18. The visit will be keenly watched as it comes three months after Operation Sindoor, when India briefly fought Pakistan. New Delhi said Pakistan used Chinese weapons and drones and Beijing helped Rawalpindi with 'live intelligence' during the military conflict. Wang's trip is aimed at continuing high-level discussions on the India-China border issue, sources told The Hindu. They added that New Delhi will be cautious in improving ties with Beijing, given its all-weather relationship with Pakistan. India continues engagement with Russia despite Trump threats New Delhi has intensified engagement with Russia in recent weeks, even as US President Donald Trump announced additional 25 per cent tariffs on India for buying Russian crude oil. This has taken the total tariffs on Indian goods exported to the US to 50 per cent. Jaishankar's Moscow visit will lay the groundwork for President Putin's arrival in India for the next Russia-India annual summit expected later this year. This will be his first trip to the South Asian country since the Russian invasion of Ukraine in February 2022. Lavrov could also visit India before Putin's trip. STORY CONTINUES BELOW THIS AD This week, the Russian foreign minister will travel to Alaska with Putin for the high-stakes summit with US President Trump on Friday (August 15). The talks between the two leaders have been welcomed by India, which said the move holds the 'promise' of ending the Russia-Ukraine conflict. There are hopes in New Delhi that the Trump-Putin summit in Alaska would help persuade the US president to drop the 25 per cent additional tariffs on Indian goods as a penalty on New Delhi for buying Russian oil. On August 11, Prime Minister Narendra Modi spoke to Ukraine's President Volodymyr Zelenskyy on the phone, underlining the need for a 'peaceful settlement' of the conflict. Amid Trump's steep tariff threats, Modi also held a telephonic conversation with Brazil's President Lula Da Silva, whose country is part of Brics – the informal group that the US president has targeted. As India continues trade negotiations with the US, it has also carried on its engagement with Russia. Moscow has condemned Trump's tariff action and supported India's right to choose its trading partners. STORY CONTINUES BELOW THIS AD Last week, Modi and Putin held a 'detailed' phone conversation, discussing 'the latest developments on Ukraine' and 'reaffirmed our commitment to further deepen the India-Russia Special and Privileged Strategic Partnership'. This came after NSA Doval visited Russia, where he met Russian Security Council Secretary Sergey Shoigu and President Putin. In late June, Defence Minister Rajnath Singh held talks with his Russian counterpart Andrey Belousov on the sidelines of the gathering of SCO Defence Ministers in Qingdao, China. Thaw in India-China ties Wang Yi's visit to India is likely to take place before PM Modi heads to China's Tianjin for the SCO summit later this month. It will be the Indian prime minister's first visit to the country since 2018. The SCO summit will be held in Tianjin from August 31 to September 1, with Chinese President Xi Jinping and Putin also in attendance. Prime Minister Narendra Modi, Russian President Vladimir Putin and Chinese President Xi Jinping arrive for a family photo during the BRICS summit in Kazan on October 23, 2024. File Photo/AFP Russia is also part of the SCO grouping, along with India, China, Pakistan and Iran. PM Modi could also hold bilateral talks with both the Chinese and Russian presidents on the sidelines of the summit. The meeting between Modi and Xi will be an opportunity for India to review the situation along the border with China and the bilateral relationship, as per Indian Express. STORY CONTINUES BELOW THIS AD This is PM Modi's first trip to China since the military clashes at Galwan in eastern Ladakh along the Line of Actual Control (LAC) in 2020. Last October, India and China completed the process of disengagement along the LAC in eastern Ladakh. Following this, Foreign Secretary Vikram Misri, Rajnath Singh and Jaishankar visited the country. Wang Yi had come to India in 2022, after the Russian invasion of Ukraine. Doval and Wang are likely to deliberate on bilateral ties and the situation along the LAC. In recent months, India has enhanced engagement with both Russia and China. This is significant as Beijing has batted for the Russia-India-China trilateral meeting. However, New Delhi has, so far, not agreed. India and China have taken several steps to improve relations. Beijing allowed the resumption of the Kailash Mansarovar Yatra this year, while India has started issuing tourist visas to Chinese nationals since July. In a sign of further easing of tensions, New Delhi and Beijing are mulling resuming direct flights between the two countries. Beijing has also reportedly relaxed restrictions on urea shipments to India. STORY CONTINUES BELOW THIS AD As per ThePrint report, India and China are also in talks to 'facilitate' the revival of border trade through the Lipulekh Pass (Uttarakhand), Shipki La Pass (Himachal Pradesh) and Nathu La Pass (Sikkim), the Rajya Sabha was told last week. Trade between India and China through these border posts was first disrupted during the Covid-19 pandemic. It was not resumed following a downturn in diplomatic ties due to the border clashes in 2020. With inputs from agencies
India.com
a few seconds ago
- India.com
Will Trump's tariff slow down India's economic growth? US Agency S&P Global Ratings says 'no major shock'; Here's why
Which countries are biggest buyers of Russian oil, and why is India still in stronger position despite 50% US tariffs? US President Donald Trump has imposed steep tariffs on Indian imports, leaving many Indian exporters disappointed. However, S&P Global Ratings Director YeeFarn Phua says this will not affect India's economic growth, and the country's sovereign rating outlook will remain positive. The US has introduced these tariffs as a penalty for India's oil purchases from Russia. A total tariff of 50 per cent has been announced with 25 per cent already took effect on August 7, and the remaining 25 per cent will be applied from August 28. Experts believe India's economy can easily handle this impact. Speaking during a webinar on Asia-Pacific sovereign ratings on Wednesday, Phua explained that India's economy is not heavily dependent on trade. Exports to the US account for only about 2 per cent of India's GDP, so these tariffs are unlikely to slow down the country's growth. Why India won't be affected by Trump's tariff Last May, S&P gave India's sovereign rating of BBB- a positive outlook, mainly because of the country's strong economic growth. According to S&P's latest forecast, India's GDP is expected to grow by 6.5 per cent in the current financial year which is also about the same as last year. Phua also pointed out that major export sectors like pharmaceuticals and consumer electronics have been exempted from these tariffs. 'In the long run, we don't think these tariffs will be a major shock for India's economy. That's why the country's positive outlook will remain,' he said. No impact on investments by US tariffs When asked if the US tariffs would affect investments in India, Phua said that under the 'China Plus One' strategy, companies have been expanding their operations in India for the past few years. Most of them are here to meet India's large domestic demand, not just to export to the US. 'Many companies are investing in India because the middle class here is growing quickly. For them, the US market is not the only target,' Phua explained.
