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Business Standard
7 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
7 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.
Mint
7 minutes ago
- Mint
India-China trade ties: What does it mean for investors and which sectors may benefit? Explained
Amid US President Donald Trump's unpredictable foreign policy, Asian giants — India and China — are cautiously strengthening ties by staging a series of high-level bilateral visits. In a series of positive developments, two countries have agreed to resume direct flights and boost trade and investment, including reopening border trade at three designated points, and facilitating visas, the Indian foreign ministry said. The latest statements came following the visit of Chinese Foreign Minister Wang Yi to New Delhi for the 24th round of talks with Indian National Security (NSA) Advisor Ajit Doval to resolve their decades-old border dispute. Meanwhile, Prime Minister Narendra Modi is scheduled to travel to China at the end of this month to take part in the summit of the Shanghai Cooperation Organisation, his first visit to the country in more than seven years. According to analysts, this development signals a potential recalibration in India–China relations, which gains significance amid high Trump tariffs on two of the world's biggest economies. Importance of India-China ties amid Trump's tariff tantrum India and China together represent 37% of humanity and are the anchors of the BRICS bloc. "A closer alignment between the two could amplify the voice of the Global South on issues ranging from trade and climate to technology and peacebuilding," said Harshal Dasani, Business Head at INVasset PMS. He believes the India-China trade talks and progressive signs on other fronts come at a time when the world economy is under stress from tariff wars and protectionism, and holds weight to shift the balance in global governance. The Indian government is recalibrating its foreign policy by strengthening engagement with China, as well as other members of the BRICS group, a shift that underscores its increasingly tense ties with the US under Trump. The recent India–China talks signal a strategic shift alongside mounting pressure from Trump's tariffs, opined Ross Maxwell, Global Strategy Lead at VT Markets. Chinese Foreign Minister Wang Yi's visit to Delhi, alongside renewed diplomatic ties and eased export restrictions, is a signal that both sides are trying to help ease the economic friction created by US tariffs, and is one example of how these tariffs will cause global realignment on how trade is conducted, Maxwell added. What does better India-China ties mean for investors? Analysts foresee several industries and sectors gaining from strategic ties between the two countries. An enhanced India–China relationship helps India secure vital industrial inputs and infrastructure supplies, supporting strategic resilience against US protectionism. Meanwhile, they also see access to capital and advanced technology for India "The SCO Summit in China could mark the beginning of this pragmatic reset," said Dasani. Which sectors can gain from India-China ties? According to analysts, defence, renewable energy, tourism, and manufacturing are among the top sectors that seem to gain from the trade ties between the two Asian countries. "Many sectors stand to benefit from these talks including, critical minerals and rare-earths, where China controls a substantial amount of global production and processing. These are essential for electronics, defence and renewable energy industries," Maxwell opined. Meanwhile, Dasani of INVasset PMS sees sector-specific gains from better bilateral relations for the following: Renewables & Green Tech: China's leadership in solar, wind, EVs, and battery technology can complement India's clean energy transition and PLI schemes. Tourism & Aviation: Direct flights and easier visas could revive travel flows, benefiting India's hospitality and aviation sectors. Pharma & Healthcare: Cooperation could strengthen supply chains, lowering input costs for India's pharma industry. Manufacturing: Indian companies can benefit from Chinese investments and technology transfers, while continuing to push 'Make in India.' Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
