Tech Mahindra issues guarantee on behalf of Pininfarina S.p.A.
The Company has issued Guarantee on behalf of Pininfarina to Rolls-Royce Motor Cars (Rolls Royce) towards a Supply Agreement entered into between Rolls Royce and Pininfarina for a sum not exceeding Euro 67.67 million.
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Time of India
14 hours ago
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Reality check for Trump's tariff threats! US, Europe continue to import billions worth of goods from Russia; where does India stand?
What do the European Union and United States of America import from Russia? How does it compare to the India-Russia trade? US President Donald Trump may be irked with India's oil trade with Russia, but the European Union and America continue to purchase Russian energy and commodities worth billions of euros and dollars, including liquefied natural gas and enriched uranium. Trump has warned that he will raise the 25% tariff rate on India 'very substantially' in the coming days because of its crude oil trade with Russia. But, India has been quick to call out these threats, pointing out the substantial trade relations that still exist between EU and US with Russia. India Calls Out West Hypocrisy 'Where the United States is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilizers as well as chemicals. In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,' the MEA statement earlier this week says. Also Read | 'Will raise tariff substantially in 24 hours': Donald Trump fires fresh salvo; says India 'not good trading partner' Asked about whether the US imports commodities from Russia, Trump said today, '"I don't know anything about it. We will have to check." 'The European Union in 2024 had a bilateral trade of Euro 67.5 billion in goods with Russia. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ranked: The 25 Best Cities To Live In The World Learn More Undo In addition, it had trade in services estimated at Euro 17.2 billion in 2023. This is significantly more than India's total trade with Russia that year or subsequently. European imports of LNG in 2024, in fact, reached a record 16.5mn tonnes, surpassing the last record of 15.21mn tonnes in 2022. Europe-Russia trade includes not just energy, but also fertilizers, mining products, chemicals, iron and steel and machinery and transport equipment,' India has said. US not buying oil, gas from Russia, EU still is Around the time Russia invaded Ukraine in early 2022, the EU was buying massive amounts of Russian energy. Imports of oil & gas from Russia were hit with sanctions, but the 27-country bloc is still buying quite a lot of Russian energy — even as the US and UK have completely gone off it. So what do the European Union and United States of America import from Russia? How does it compare to the India-Russia trade? We take a look: How much does Europe import from Russia? EU-Russia trade has significantly decreased due to EU sanctions and product restrictions. According to Eurostat data, imports from Russia decreased by 86% between the first quarter of 2022 and the first quarter of this year. Russian goods imported to the EU in the first quarter of 2025 were around 8.74 billion euros ($10.11 billion), a reduction from 30.58 billion euros four years before. The EU has imported Russian goods worth 297 billion euros since January 2022, according to a Reuters report. EU Purchases Down, But Not Over The EU maintains imports of oil, nickel, natural gas, fertiliser, iron, and steel from Russia. Oil: Russia's position as the EU's primary petroleum products supplier has come down. The EU's maritime import restrictions on Russian crude oil reduced its share to 2.01% in 2025 from 28.74% in 2021. Oil imports decreased to 1.48 billion euros in the first quarter of 2025 from 14.06 billion euros four years previously. It all flows into EU unseen Natural gas: The Russian share in natural gas supply decreased to 17% in the first quarter of 2025 from 48% in 2021's first quarter. Iron and Steel: Russian non-EU iron and steel imports reduced to 7.71% in the first quarter of 2025 from 18.28% four years earlier. Fertilizers: Despite the European Parliament's May vote to implement prohibitive tariffs on fertilisers, Russia maintained its position as the EU's largest exporter in the first quarter of 2025. Its share experienced a modest decline from 28.15% to 25.62% over the four-year period. Also Read | Trump's tariff threats & jibes: India calls out US, EU hypocrisy in clear message, says 'revealing that countries criticizing…' - top 10 points How much does the US import from Russia? US imports from Russia have declined significantly, reaching $2.50 billion in the first six months of 2025, compared to $14.14 billion in the corresponding period four years prior, as reported by the US Census Bureau and US Bureau of Economic Analysis data quoted by Reuters. The total value of Russian goods imported by the US since January 2022 was $24.51 billion. Fertilizers: Russian fertiliser imports to the US showed a modest increase to $1.27 billion in the previous year, rising from $1.14 billion in 2021. Uranium, Plutonium: US imports of enriched uranium and plutonium from Russia valued $624 million in 2024, showing a reduction from $646 million in 2021. Palladium: Russian palladium exports to the United States stood at $878 million in 2024, demonstrating a substantial decrease from $1.59 billion in 2021. How much does India import from Russia? India's trade with Moscow has seen a huge growth, with imports increasing to $65.7 billion in 2024, compared to $8.25 billion in 2021, according to statistics from the commerce ministry website quoted by Reuters. Oil: Russian crude oil deliveries dominated the import expansion, reaching $52.2 billion in 2024, a significant rise from $2.31 billion in 2021. Coal products: The value of coal and related products imported from Russia increased considerably to $3.5 billion, up from $1.12 billion in 2021. Fertilizers: The procurement of fertilizers from Russia showed notable growth, with imports valued at $1.67 billion in 2024, rising from $483 million in 2021. Also Read | Amidst Donald Trump's tariff threats, India plans big! Rs 20,000 crore project being readied for exporters; 'Brand India' to be promoted Stay informed with the latest business news, updates on bank holidays and public holidays .
