Number Theory: Trump's hypocrisy on Russia‑India oil trade, detailed in 3 charts
1. China, not India, is the biggest importer of Russian crude since the Ukraine war
The Russia‑Ukraine war started in February 2022. Russian oil exports to the European Union, thanks to the action, fell sharply from 3.5 million barrels per day in 2021 to 3.1, 0.6 and just 0.4 million barrels per day in 2022, 2023 and 2024. Russia's overall oil exports, however, fell very little over this time, thanks to an increase in imports from China and India. International Energy Agency (IEA) data also shows that Chinese imports of Russian oil have exceeded India's in every year since 2022.
However, Trump has said nothing about Chinese imports of Russian oil so far. His current threats of 30 % on China could very well fall behind India's if he imposes a penalty of more than 5 % on India because of Russian trade.
Trump's grandstanding about India financing the 'Russian War Machine' while ignoring China's greater financing of it is most likely driven by his concerns about American and European 'war machines' rather than the Russian one. On August 3, the Wall Street Journal reported that 'China is limiting the flow of critical minerals to Western defence manufacturers, delaying production and forcing companies to scour the world for stockpiles of the minerals needed to make everything from bullets to jet fighters.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
7 minutes ago
- Indian Express
Brazil's Bolsonaro appeals house arrest order
Lawyers for former Brazilian President Jair Bolsonaro appealed on Wednesday a house arrest order imposed against him earlier this week, a document sent to the Supreme Court and seen by Reuters showed. Bolsonaro was placed under house arrest on Monday after an order was issued by Supreme Court Justice Alexandre de Moraes against him. Moraes' decision cited a failure to comply with restraining orders he had imposed on Bolsonaro for allegedly courting US President Donald Trump's interference in the case. Bolsonaro's lawyers had already said that they would appeal the decision to place him under house arrest. In the document sent on Wednesday, the lawyers said that Bolsonaro did not brech the restraing orders. They also asked for the house arrest order to be voted on by a wider panel of Supreme Court justices.
The Hindu
7 minutes ago
- The Hindu
Stanford University lays off over 360 employees, citing Trump policies
Stanford University said on Tuesday (August 5, 2025) it has laid off over 360 employees, citing budget constraints that it attributed to the federal funding policies of U.S. President Donald Trump. The Trump administration has threatened to cut federal funds for universities over pro-Palestinian protests against U.S. ally Israel's war in Gaza, climate initiatives, transgender policies and diversity, equity and inclusion programs. "Stanford is in the process of making budget reductions," a university spokesperson said in emailed statement in response to media reports on the layoffs. "Last week, many schools and units made staff workforce reductions. In total, 363 layoffs occurred." The Californian university said in June it had made a $140 million reduction in the general funds budget for the upcoming year due to "a challenging fiscal environment shaped in large part by federal policy changes affecting higher education." Last week, the Trump administration froze more than $330 million in funding for the University of California, Los Angeles, after alleging the university failed to prevent a hostile environment for Jewish and Israeli students since campus protests erupted after the start of Israel's war in Gaza. The Los Angeles Times reported on Tuesday (August 5, 2025) that UCLA leaders were preparing to negotiate with the Trump administration over the freeze. The government has recently settled its probes with Columbia University, which agreed to pay over $220 million, and Brown University, which said it will pay $50 million. Both institutions accepted certain demands made by the government. Talks to settle with Harvard University remain ongoing. Rights advocates have raised concerns about academic freedom and free speech over the government's actions. The Trump administration alleges universities allowed antisemitism during pro-Palestinian campus protests. Protesters, including some Jewish groups, say the government wrongly equates their criticism of Israel's military assault in Gaza and its occupation of Palestinian territories with antisemitism, and advocacy for Palestinian rights with support for extremism.
&w=3840&q=100)
Business Standard
7 minutes ago
- Business Standard
Stocks to Watch today, Aug 7: Bajaj Auto, Hero MotoCorp, Trent, BHEL, Ircon
Stocks to watch today, Thursday, August 7, 2025: Indian equity markets are likely to witness a muted start on Thursday as investors will react to additional 25 per cent tariffs imposed by US President Donald Trump on imports from India. At 7:10 AM, Gift Nifty Futures were trading at 24,590 points, down 40 points or 0.16 per cent. Asian markets were trading mixed after President Trump vowed to impose a 100 per cent tariff on imports of semiconductors and chips. Last checked, South Korea's KOSPI was up 0.5 per cent, Hong Kong's Hang Seng index was up 0.3 per cent, and Japan's Nikkei 225 was up 0.67 per cent. China's CSI 300 index was also trading 0.13 per cent higher. However, Australia's ASX 200 index was down 0.15 per cent. On Wednesday, Wall Street settled higher as investors watched the last batch of June quarter corporate earnings. The S&P 500 index rose 0.73 per cent and the Dow Jones Industrial Average settled 0.18 per cent higher. Here are the key stocks to watch today: Hero MotoCorp: The world's largest two-wheeler manufacturer reported a consolidated revenue from operations of ₹9,727.75 crore in the June quarter of fiscal 2026 (Q1FY26), down 4.7 per cent from ₹ 10,210.79 crore in the year-ago period. The company's profit after tax (PAT) came in at ₹1,705.65 crore, up 65.2 per cent from ₹1,032.2 crore in the Q1FY25. Bajaj Auto: The automobile major reported consolidated revenue from operations of ₹13,133.35 crore in the June 2025 quarter, up 10 per cent from ₹11,932.07 crore in the year-ago period. The company's PAT increased 13.84 per cent to ₹2,210.44 crore against ₹1,941.79 crore in the year-ago quarter. Trent: The Tata Group company reported standalone revenue from operations of ₹4,781 crore in Q1FY26, up 20 per cent from ₹3,992 crore in the year-ago quarter. Its profit before tax (PBT) grew 23 per cent to ₹555 crore from ₹450 crore in the Q1FY25. Jindal Stainless: The steel manufacturer reported a consolidated net revenue of ₹10,207 crore in Q1FY26, up 8.2 per cent from ₹9,430 crore in the same quarter of the previous fiscal. Profit after tax grew 10.6 per cent year-on-year (Y-o-Y) to ₹715 crore against ₹646 crore. Bharat Heavy Electrical (BHEL): The public sector enterprise posted consolidated revenue from operations of ₹5,484.91 crore compared to ₹5,484.92 crore in the year-ago period. The company's net loss widened to ₹455.5 crore from ₹211.4 crore in Q1FY25. Bharat Forge: The company has signed a Business Transfer Agreement (BTA) with its subsidiary, Kalyani Strategic Systems (KSSL), for the transfer of its defence business for ₹453.3 crore. The Company and KSSL have also entered into a Intellectual Property Rights Licensing Agreement. CreditAccess Grameen: The microfinance institution has appointed Ganesh Narayanan as managing director and chief executive officer (CEO) for a period of five years. Additionally, Udaya Kumar Hebbar has been appointed as a non-executive (nominee) director, effective August 5. IRCON: The engineering and construction company posted operating revenue of ₹1,786.3 crore, down 21.9 per cent from ₹2,287.1 crore in the year-ago quarter. The company's PAT fell 26.8 per cent to ₹164.1 crore in Q1FY26 from ₹224 crore in the year-ago period. Raymond: The textile major reported revenue from operations of ₹524 crore, up 17 per cent from ₹450 crore in the year-ago period. However, net profit fell 8.9 per cent Y-o-Y to ₹21 crore from ₹23 crore. Q1 results today: Titan Company, LIC, HPCL, Godrej Consumer Products, Kalyan Jewellers India, Bajaj Electricals, Biocon, Cummins India, Metropolis Healthcare, National Aluminium Company, Kalpataru Projects International, Aegis Logistics, Apollo Tyres, Birlasoft, Data Patterns (India), Edelweiss Financial Services, Emcure Pharmaceuticals, Indigo Paints, General Insurance Corporation of India, CE Info Systems, Global Health, Medi Assit Healthcare Services, Page Industries, Ramco Industries, Shree Renuka Sugars, and Sai Life Sciences, among others will release their Q1 earnings today.
