Latest news with #WestAsian
Time of India
5 hours ago
- Politics
- Time of India
MEA flags NATO's double standards
Tired of too many ads? Remove Ads The external affairs ministry on Thursday cautioned against "double standards" while pushing back against the North Atlantic Treaty Organisation ( NATO ) secretary general Mark Rutte's threat of possible secondary sanctions on India for maintaining trade ties with Russia."We have seen reports on the subject and are closely following the developments. Let me reiterate that securing the energy needs of our people is understandably an overriding priority for us," spokesman Randhir Jaiswal said during the weekly media briefing here. "In this endeavour, we are guided by what is available in the markets and also by prevailing global circumstances. We would particularly caution against any double standards on the matter." MEA said it had been in "constant touch with local authorities" in Yemen and was providing "all possible assistance" in the case of Nimisha Priya, an Indian nurse on death row in the West Asian country. "This is a sensitive matter and the Government of India has been offering all possible assistance," Jaiswal said. MEA said it had appointed a lawyer to assist Priya's family, arranged regular consular access and worked to secure more time to reach a "mutually agreeable solution" with the victim's family. The execution, scheduled for July 16, was postponed following these efforts, which included engagement with friendly foreign governments.
Time of India
11 hours ago
- Business
- Time of India
India, Kuwait Agree to Raise Flight Seats by 50%
India has signed a new air agreement with Kuwait that allows for a 50% increase in the number of seats operated by the carriers of both countries to 18,000 per week, a development that is expected to bring down airfares and benefit thousands of Indian citizens working in the West Asian country. The move comes in response to a long-standing demand to allow an increase in seats as airlines of both sides had exhausted their quota, leading to a sharp increase in air fares. The permitted capacity was last raised 18 years ago, when the weekly entitlements of each side were increased to 12,000 seats from 8,320 seats, said people familiar with the matter. As part of the agreement – signed in Delhi on Tuesday between the delegations of the two countries, led by civil aviation secretary Samir Kumar Sinha and Sheikh Hamoud Al-Mubarak, president of Kuwait's Directorate General of Civil Aviation, respectively – Indian airlines will get priority on landing and parking slots at Kuwait's airports. The issue of enhanced air connectivity was discussed during Prime Minister Narendra Modi's visit to Kuwait in December 2024, said the people. Indian and Kuwaiti carriers such as Air India Express, Akasa Air, IndiGo, Jazeera Airways and Kuwait Airways operate nearly 40 flights daily between the two countries. Kuwait Airways, with 54 flights per week, and IndiGo, with 36 weekly flights, are the two largest carriers from the two sides. Demand has increased substantially over time as Kuwait has attracted a large number of Indian workers. 'The shortage leads to exorbitant prices. This type of new agreement will significantly benefit the population,' said Raja Sethunath, council chair, Assocham.
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First Post
18 hours ago
- Business
- First Post
‘We will buy oil from wherever we have to': India minister Puri on Trump's secondary sanctions threat
While commenting on US President Donald Trump's secondary tariff threat against India, Minister of Petroleum and Natural Gas of India, Hardeep Singh Puri, said that India diversified its sources of buying oil and is not facing pressure over Trump's new threat read more While commenting on US President Donald Trump's secondary tariff threat against India, Minister of Petroleum and Natural Gas of India, Hardeep Singh Puri, said that India diversified its sources of buying oil and is not facing pressure over Trump's new threat. The remarks from Puri came when Firstpost's Managing Editor, Palki Sharma, asked him about Trump's secondary sanctions threat and the kind of impact it can have on the Indian oil industry. STORY CONTINUES BELOW THIS AD On Tuesday, Trump announced a whopping 100 per cent tariffs on Russian exports, including oil, expressing his displeasure with Russian President Vladimir Putin's reluctance to negotiate a peace deal. Apart from this, Trump also introduced equivalent secondary tariffs on countries importing Russian shipments, with India being one of them. Trump warned that the tariffs would be imposed after a 50-day deadline for Moscow to end the war against Ukraine. When asked about the secondary tariff warning, Puri said at the Thursday event, that right now he does not have 'any pressure' in his mind. India is one of the biggest consumers of Russian oil Since February 2022, Indian refiners have been lapping up Russian oil at discounted rates while the West has shunned Russia by imposing sanctions. Russia currently accounts for a third of India's oil imports, compared to less than 1 per cent before the war. Hence, if Trump carries through with his threats, India might take a significant hit. According to reports floated by Western media, a secondary tariff will apply to the country and affect all merchandise exports, unlike in the case where only the entities doing business with sanctioned Russian entities are penalised. If something like this happens, Indian refiners will have no other option but to pivot towards West Asian suppliers and new suppliers such as Brazil to make up for the lost supply. However, these barrels will come at a higher cost. In light of this, the government had already approached two major West Asian oil producers to examine additional supplies.
Indian Express
a day ago
- Business
- Indian Express
India, China, Brazil can be hit by sanctions over Russia trade: NATO chief
At a time when Delhi and Washington are working on a trade deal before the pause on reciprocal tariff ends August 1, NATO Secretary General Mark Rutte said Wednesday that countries like India, China and Brazil could be hit very hard by secondary sanctions if they continued to do business with Russia. Speaking in Washington, Rutte, according to the Reuters news agency, said countries in business with Russia should make a phone call to President Vladimir Putin and 'tell him that he has to get serious about peace talks (on ending the Ukraine conflict), because otherwise this will slam back on Brazil, on India and on China in a massive way'. 'My encouragement to these three countries, particularly, is if you live now in Beijing, or in Delhi, or you are the president of Brazil, you might want to take a look into this, because this might hit you very hard,' Rutte told reporters. The NATO chief's remarks come amid tariff uncertainties and global trade wars with the US, and India's own trade with Russia, particularly oil imports. Weeks ago, there were concerns in India over a controversial Bill in the US that proposed 500 per cent tariffs on countries that continue to trade with Russia. More recently, US President Donald Trump also threatened 'biting' secondary tariffs at the rate of 100 per cent on buyers of Russian exports unless there is a Russia-Ukraine peace deal within 50 days. Industry watchers and experts see these as tactics to force Putin's hand by pressuring countries who import from Russia. India has so far not scaled back on its oil imports from Russia, and has maintained that it is willing to buy oil from whoever offers the best price, as long as the oil is not under sanctions. Russian oil itself is not sanctioned, but the US and its allies have imposed a price cap of $60 per barrel, as per which Western shippers and insurers cannot participate in Russian oil trade if the price of Moscow's crude is above that level. India and China are the top importers of Russian crude, and Delhi is engaging with US lawmakers and the Trump administration to voice concerns regarding India's energy security. India depends on imports to meet around 88 per cent of its crude oil needs, and Russia has been the mainstay of India's oil imports for nearly three years now. With much of the West shunning Russian crude following the country's February 2022 invasion of Ukraine, Russia began offering discounts on its oil to willing buyers. Indian refiners were quick to avail the opportunity, leading to Russia, earlier a peripheral supplier of oil to India, emerging as India's biggest source of crude, displacing the traditional West Asian suppliers. Indian refiners are adopting a wait-and-watch approach while keeping Russian oil flows robust. In fact, imports of Russian crude may rise further amid the tariff threats as Indian refiners would ideally want to stock up before any tariff action takes effect. While the discounts have varied over time, Russian oil flows to India have remained robust despite Western pressure and limited sanctions on Russia's oil trading ecosystem. Booming oil trade with Russia has also catapulted the country to the list of India's biggest trading partners. In data: India's Russian oil imports India's Russian oil imports rose to an 11-month high in June, further cementing Moscow's continued dominance in Delhi's oil import basket. According to tanker data, Russian crude accounted for a massive 43.2 per cent of India's total oil imports in June, outweighing the next three suppliers — West Asian majors Iraq, Saudi Arabia and the UAE — put together. In June, India imported 2.08 million barrels per day (bpd) of Russian crude, the highest since July 2024, and higher by 12.2 per cent on a month-on-month basis, according to vessel tracking data from global commodity market analytics firm Kpler. According to India's official trade data, oil imports from Russia were at 87.4 million tonnes in the financial year 2024-25, accounting for almost 36 per cent of India's total oil imports of 244 million tonnes. Prior to the war in Ukraine, Russia's share in India's oil import basket was less than 2 per cent. In 2024-25, the value of India's oil imports from Russia was over $50 billion, or 35 per cent of India's total oil imports worth $143 billion. 'This resurgence in Russian volumes reflects both commercial incentives and geopolitical realignments. Russian barrels have remained highly competitive due to discounts, payment mechanisms, and logistical flexibility via alternative shipping and insurance networks. Despite mounting Western sanctions, Indian refiners have managed to maintain — and even expand — procurement from Russia. Barring any severe logistical or regulatory disruptions, this trend is likely to persist in the coming months,' said Sumit Ritolia, Lead Research Analyst, Refining & Modeling at Kpler. 'Looking ahead, Russia will likely remain India's largest crude supplier – with a share of 35-40 per cent (in India's oil imports) – supported by price competitiveness and techno-economics. However, this dominance could face pressure if the West escalates enforcement of secondary sanctions targeting financial or shipping facilitators. Such a scenario could either reduce Russian volumes or push Indian refiners to seek greater compliance safeguards,' Ritolia said. Oil imports from West Asia are also expected to stabilise in the 35-40 per cent range. Tariff threats: Will they, won't they? It is yet to be seen if the recent tariff threats made against countries like India and China for their energy imports from Russia will translate into tangible tariff action. The Trump administration has been rather mercurial when it comes to trade tariffs; making sweeping announcements, then pausing and negotiating. The hope in India's oil sector is that the US won't actually implement tariffs related to India's oil imports from Russia, as it is in the interest of the US and the global economy that the international oil market remains well-supplied. If Russia is unable to supply its crude, global oil prices are bound to rise due to lower supply being available. But if the US indeed goes ahead and imposes such tariffs, India would be pushed to cut down oil imports from Russia and increase imports from other suppliers, primarily its traditional West Asian suppliers like Iraq, Saudi Arabia, and the UAE, which would push up the cost of imports by a few dollars a barrel. Additionally, it could also lead to complications in India's ongoing trade deal negotiations with the US, its largest trading partner. Sukalp Sharma is a Senior Assistant Editor with The Indian Express and writes on a host of subjects and sectors, notably energy and aviation. He has over 13 years of experience in journalism with a body of work spanning areas like politics, development, equity markets, corporates, trade, and economic policy. He considers himself an above-average photographer, which goes well with his love for travel. ... Read More
Muscat Daily
2 days ago
- Sport
- Muscat Daily
Oman appoint Queiroz as coach in push for World Cup qualification
Muscat: Oman named Carlos Queiroz as their new head coach on Tuesday as the West Asian side bid to reach the FIFA World Cup 2026. The Portuguese replaces Rashid Jaber, and has been appointed ahead of the AFC Asian Qualifiers – Road to 26 Playoff draw at the AFC House in Kuala Lumpur on Thursday. Oman secured their place in the playoffs after finishing fourth in Group B. Queiroz's wealth of tactical expertise and experience will be pivotal as Oman, chasing a historic FIFA World Cup appearance, are set to face some of the continent's top teams with just tickets available in the playoffs. 'Queiroz has extensive coaching experience, having led the national teams of Portugal, Islamic Republic of Iran, Colombia, Egypt, and Qatar. He also served as an assistant coach at Manchester United under Sir Alex Ferguson,' the Oman FA said on social media platform X. 'The Federation extends its thanks and appreciation to the previous technical staff, led by national coach Rashid Jaber, for their efforts during the past period, wishing them success in their future,' the federation added. Oman will be joined by Iraq, Qatar, Saudi Arabia, Indonesia and the United Arab Emirates in the draw, with the teams to be divided into two groups. The group winners will secure automatic qualification while the two second-placed teams will face off in a playoff, with the winners advancing to an Inter-Confederation playoff where an additional ticket to the Finals will be at stake.
