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New York Post
an hour ago
- New York Post
India to maintain Russian oil import despite Trump threats, government sources say
India will keep purchasing oil from Russia despite President Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the US, Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. 3 President Trump spoke with reporters before boarding Marine One on Friday. AP But the sources said there would be no immediate changes. 'These are long-term oil contracts,' one of the sources said. 'It is not so simple to just stop buying overnight.' Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. 3 Russian President Vladimir Putin and India's Prime Minister Narendra Modi greeted each other at a meeting in New Delhi in Dec. 2021. AFP via Getty Images However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a 'steady and time-tested partnership' with Russia. 'On our energy sourcing requirements … we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances,' he said. The White House did not immediately respond to requests for comment. INDIA'S TOP SUPPLIER Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on US imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. 3 An oil pump jack outside of Almetyevsk,Russia on July 14, 2025. REUTERS Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 – when sanctions were first imposed on Moscow – due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy – a refinery majority-owned by Russian entities, including oil major Rosneft, and major buyer of Russian oil – was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
CNBC
3 hours ago
- CNBC
India to maintain Russian oil imports despite Trump threats, government sources say
India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
Business Upturn
5 hours ago
- Business Upturn
No new crypto ban from China in 2025: Clarifying misinformation spreading on social media
Fact Check: Viral claims about a new cryptocurrency ban in China are false. The policy referenced dates back to 2021 and remains unchanged. What's being claimed A viral message circulating online claims: 'China has officially banned cryptocurrency trading, mining, and related services, citing financial risks, capital flight concerns, and environmental impacts.' Many users on social media, including Twitter and Telegram groups, have shared this message, causing confusion among crypto investors and enthusiasts across the globe. The truth China did indeed impose a ban on cryptocurrency trading, mining, and related activities — but this happened back in September 2021. The report being circulated as 'breaking news' is actually a recycled screenshot from a Reuters article published on September 24, 2021, which clearly mentions the original date and the update timestamp (September 27, 2021). No fresh announcement has been made by Chinese regulators in 2025 regarding a new crypto crackdown. What the 2021 policy said In 2021, China's central bank and other regulators declared all crypto-related transactions illegal. The policy cited: Financial risk and market volatility Concerns about money laundering and capital flight Environmental concerns from high-energy usage of crypto mining operations These reasons were cited at the time of the original ban and have not been reiterated in any official announcement this year. Why the confusion? The misinformation appears to have originated from: Outdated screenshots of past news being reshared without context Misleading captions that present old news as a new development Viral posts designed to influence crypto market sentiment, often timed with market volatility A post featuring the 2021 Reuters headline has been making the rounds, with some users falsely claiming it is from August 2025. Official clarification Multiple sources, including Bitcoin Junkie and crypto analysts, have confirmed that no new ban has been issued by Chinese authorities in 2025. The People's Bank of China (PBoC) and Chinese state media have also made no statements or press releases regarding any additional regulatory steps this year. What the Reuters article actually says: 'China's top regulators ban crypto trading and mining, sending bitcoin tumbling' Published: September 24, 2021 — Updated: September 27, 2021 The date in the screenshot (which many users overlook) clearly proves that it's an old report. How to avoid falling for fake news in the crypto space Check the date of the article or screenshot Verify from credible financial news outlets (e.g., Reuters, Bloomberg, CNBC) Be cautious of Twitter and Telegram forwards that lack official links or timestamps Look for official regulator announcements on government portals or reputable media Claims and reality check Claim Reality 'China banned all crypto again in 2025' False — no new ban announced 'Reports are based on recent Reuters article' Partially true — article discusses policy review, not a ban 'It's new national regulation' False — the discussion was regional (Shanghai), no national decree 'Chinese regulators are considering yuan-based stablecoins' True — indirectly confirmed by company lobbying and meeting context Market impact Although the false report did create temporary panic among some retail investors, the broader crypto market has largely remained stable. Analysts believe seasoned investors quickly identified the misinformation. Conclusion China's stance on cryptocurrency remains unchanged since 2021. No new policy banning crypto trading or mining has been enacted in 2025. The message claiming 'China has officially banned crypto in 2025' is false, misleading, and should not be acted upon. Always fact-check before reacting to viral financial content. Ahmedabad Plane Crash News desk at
