Russian navy parade canceled for ‘security reasons': Kremlin
'It has to do with the general situation. Security reasons are of utmost importance,' said Kremlin spokesman Dmitri Peskov, quoted by Russian news agencies.
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Al Arabiya
25 minutes ago
- Al Arabiya
Top Trump aide accuses India of financing Russia's war in Ukraine
A top aide to President Donald Trump on Sunday accused India of effectively financing Russia's war in Ukraine by purchasing oil from Moscow, after the US leader escalated pressure on New Delhi to stop buying Russian oil. 'What he (Trump) said very clearly is that it is not acceptable for India to continue financing this war by purchasing the oil from Russia,' said Stephen Miller, deputy chief of staff at the White House and one of Trump's most influential aides. Miller's criticism was some of the strongest yet by the Trump administration about one of the United States' major partners in the Indo-Pacific. 'People will be shocked to learn that India is basically tied with China in purchasing Russian oil. That's an astonishing fact,' Miller said on Fox News' 'Sunday Morning Futures.' The Indian Embassy in Washington did not immediately respond to a request for comment. Indian government sources told Reuters on Saturday that New Delhi will keep purchasing oil from Moscow despite US threats. A 25 percent tariff on Indian products went into effect on Friday as a result of its purchase of military equipment and energy from Russia. Trump has also threatened 100 percent tariffs on US imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Miller tempered his criticism by noting Trump's relationship with Indian Prime Minister Narendra Modi, which he described as 'tremendous.'
Asharq Al-Awsat
3 hours ago
- Asharq Al-Awsat
How Moscow Might Respond if Trump Stops Russian Oil to India
US President Donald Trump's demand on India to halt Russian oil imports could threaten billions in Russian revenues, prompt Moscow to retaliate by stopping a major US-led oil pipeline and potentially lead to a new global supply crisis. India, the world's third largest oil importer, has become the biggest buyer of Russian oil since 2022, purchasing up to 2 million barrels per day of oil accounting for 2% of global supply. Other top buyers are China and Türkiye. The Indian route is so important for the Kremlin that if disrupted it could prompt it to retaliate by closing the CPC pipeline from Kazakhstan, where US oil majors Chevron and Exxon hold big stakes, analysts at JP Morgan said this week. "Russia is not without leverage," the US bank said. Trump has threatened to slap tariffs of up to 100% on countries that buy Russian oil unless Moscow reaches a peace deal with Ukraine by August 7-9. A 25% tariff on all US goods imports from India starts on Friday. Reuters reported on Thursday that Indian state refineries had paused purchases of Russian oil this week amid Trump's threats. REALIGNMENT India only began buying large quantities of oil from Russia, the world's second largest oil exporter, since 2022. It became a top importer after Europe, Russia's former top client, imposed a ban on Russian oil over its military actions in Ukraine. Russia's oil giant Rosneft has a major stake in one of India's biggest oil refineries. India is now 35% reliant on Russian oil imports worth $50.2 billion in the 2024-25 fiscal year, according to India's government data. "Cutting off this flow would require a massive realignment of trade flows," said Aldo Spanjer from BNP Paribas, adding that the global supply was already stretched. India buys all varieties and grades of Russian oil - including Urals from Western ports, ESPO and Sokol from the Pacific and some grades from the Arctic, according to LSEG data. Urals would be hit hardest if India stops buying as it purchases up to 70% of Russia's biggest export grade by volume. India's oil minister said the country can find alternative supply. India would need to raise imports of US and Middle Eastern crude or cut refining runs, leading to a spike in diesel prices, especially in Europe, which imports fuel from India. "Indian refiners will still struggle to replace the heavy quality of Russian crude so they may end up paring runs," said Neil Crosby from Sparta Commodities. FALLING INCOME Russia has managed to continue selling oil since 2022 despite international sanctions, although it sells it at discounts to global prices. Falling global prices mean Russia's income is already under pressure. Its oil and gas revenue fell 33.7% year-on-year in June to its lowest since January 2023, finance ministry data showed. Revenues will fall 37% in July due to weaker global oil prices and a strong rouble, Reuters calculations show. Russian firms will need to store oil on tankers if India stops buying, paying extra money for shipping charges and being forced to offer wide discounts to new buyers, traders said. A loss of 2 million bpd of exports might also gradually prompt Russia to start reducing oil production from the current levels of 9 million bpd, traders said. Russia's current production is regulated by OPEC+ quotas. HOW CAN RUSSIA RESPOND? Russia could potentially divert some 0.8 million bpd of oil to Egypt, Malaysia, Pakistan, Peru, Brunei, South Africa and Indonesia, JP Morgan said. Moscow could also disrupt the CPC pipeline to make sure the West feels the pain from higher oil prices. Western oil firms Exxon, Chevron, Shell, ENI and TotalEnergies ship up to 1 million bpd via CPC, which has total capacity of 1.7 million bpd. "If we get a visible and substantial difficulty in clearing Russian crude and Putin shuts off CPC, oil prices might get well over $80 per barrel, possibly a lot more," said Crosby. The CPC pipeline crosses Russian territory and the consortium has clashed with Moscow, which ordered it to suspend operations for several days in 2022 and 2025 citing environmental and tanker regulations. A combined stoppage of CPC and Russian flows to India would create a disruption of 3.5 million bpd or 3.5% of global supply. "The Trump administration, like its predecessors, will likely find sanctioning the world's second-largest oil exporter unfeasible without spiking oil prices," JP Morgan said.
Arab News
5 hours ago
- Arab News
UK to take in hundreds of children from Gaza for medical treatment
India wraps up mass Hindu pilgrimage in contested Kashmir SRINAGAR, India: More than 400,000 Hindus took part in a month-long pilgrimage in contested Indian-run Kashmir, authorities said, shrugging off security worries weeks after conflict with Pakistan. The pilgrimage began on July 3 and closes officially on August 9, but organizers said that lashing rains had damaged narrow paths forcing a premature end. Official Vijay Kumar Bidhuri said in a statement late Saturday that 415,000 pilgrims had taken part. Many of the faithful began their trek to the Amarnath ice pillar from near Pahalgam, where gunmen on April 22 killed 26 mostly Hindu tourists in the Muslim-majority region. New Delhi said the gunmen were backed by Pakistan, claims Islamabad rejected — triggering a series of tit-for-tat diplomatic measures that escalated into a four-day conflict. It was the worst standoff by the nuclear-armed nations since 1999, with more than 70 people killed in missile, drone and artillery fire on both sides, before a May 10 ceasefire. New Delhi last week said that three Pakistani men who carried out the Pahalgam attack were killed during a gunbattle on July 28 in forests adjacent to the hills where the cave shrine is located. A few devotees may still visit the cave, but the numbers this year fall short of the estimated half a million devotees who took part in 2024. Officials appealed to Hindus to undertake the pilgrimage, ramping up security for the event by deploying 45,000 troops with high-tech surveillance tools overseeing the grueling trek to the cave, dedicated to Shiva, the deity of destruction. On Sunday, Indian forces exchanged fire with gunmen for a third day in Kulgam, far from the Amarnath pilgrimage route. Soldiers have killed two militants, a senior police officer said. Kashmir has been divided between the India and Pakistan since their independence from British rule in 1947, with both administering it in part and claiming in full. Rebel groups have fought Indian forces for decades, demanding Kashmir's independence or its merger with Pakistan.
