Latest news with #Western-imposed
Time of India
6 days ago
- Business
- Time of India
Trump, NATO tariff threat on Russia's crude oil: India not worried about sanctions, says Hardeep Puri; ‘if something happens, we'll…'
Trump has threatened 100% tariff on Russian exports, including oil, alongside equivalent secondary charges for nations importing Russian good. Oil Minister Hardeep Singh Puri is confident that if crude oil imports from Russia face sanctions or secondary tariffs by NATO and the US, India is capable of meeting its energy requirements. Since February 2022, Indian refineries have actively purchased Russian oil at reduced prices, whilst other nations avoided these supplies due to Western-imposed sanctions on Moscow following its military action in Ukraine. US President Donald Trump has recently warned about potential sanctions on countries buying Russian exports, should Moscow not agree to a peace deal with Ukraine within 50 days. Trump & NATO Warning Trump announced on Monday a 100% tariff on Russian exports, including oil, alongside equivalent secondary charges for nations importing Russian goods, to be enforced after a 50-day ultimatum for Moscow to conclude its conflict with Ukraine. The specifics and implementation strategy of Trump's announcement remain unclear. Also Read | India-US trade deal: Donald Trump says 'another deal coming up, maybe with India' NATO's new Secretary General Mark Rutte issued warnings on Wednesday to India, China, and Brazil regarding potential secondary sanctions due to their ongoing commercial relations with Russia. During his meeting with US Congress senators, Rutte called upon the three countries to engage with Russian President Vladimir Putin and convince him to seriously consider the peace agreement with Ukraine. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo "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. "So please make the phone call to Vladimir Putin and tell him that he has to get serious about peace talks, because otherwise, this will slam back on Brazil, on India, and on China in a massive way," Rutte added. Why India Is Not Worried Puri indicated that India is prepared to manage any disruption in Russian imports by accessing supplies from emerging producers like Guyana and established ones such as Brazil and Canada. Also, India continues to expand its exploration and production initiatives. "I'm not worried at all. If something happens, we'll deal with it," Puri said at an industry event in New Delhi according to a Reuters report. Also Read | India-US trade deal: India wants Donald Trump administration to offer tariff rate lower than Indonesia; eyes competitive advantage "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now," he added. Indian Oil Corp has a contingency plan in place. Chairman A.S. Sahney informed reporters at the event that if Russian supplies face disruption, the company would "go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2%." India's Love For Russian Oil Russia maintained its position as India's main oil supplier, contributing approximately 35% of the nation's total imports, with Iraq, Saudi Arabia, and United Arab Emirates following in sequence. During the first six months of this year, India's petroleum imports from Russia showed a slight increase, with private sector refineries Reliance Industries Ltd and Nayara Energy accounting for approximately 50% of the total Russian purchases. According to a TOI report, the potential US penalty tariffs on nations purchasing Russian oil could impact India's preference for these discounted barrels, as the advantages of lower prices might not compensate for the impact on its exports to America, particularly during ongoing trade negotiations between the two countries. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
11-07-2025
- Business
- Time of India
Russia's fuel export revenue drops 14% in June: IEA
Russia's revenue from crude oil and oil product sales declined by nearly 14 per cent year-on-year (YoY) in June, reaching $13.57 billion, according to the International Energy Agency (IEA). This drop comes as global oil prices have fallen due to economic uncertainty and increased output from OPEC+ (the Organisation of the Petroleum Exporting Countries and its allies, including Russia). Despite the revenue decrease, Russia's crude oil output remained relatively stable last month at 9.2 million barrels per day (bpd), with crude loadings holding steady at 4.68 million bpd. However, exports of Russian oil products saw a decline of 110,000 bpd, falling to 2.55 million bpd. Both crude and product volumes in June were near a five-year low. The IEA noted that this "deterioration in exports has persisted over most of 2024 and 2025 to date," raising concerns about Russia's ability to maintain its upstream production capacity. Price cap and OPEC+ compliance In June, Russian crude prices averaged below the Western-imposed $60 per barrel price cap, despite exceeding it for a brief 10-day period. Price gains for Russian crude outpaced those for North Sea Dated oil, driven by supply concerns and tight sour crude markets. Looking ahead, the European Commission is expected to propose a floating Russian oil price cap as part of a new draft sanctions package, according to four European diplomats. While Russia is meeting its OPEC+ output targets, Kazakhstan has consistently exceeded its agreed-upon curbs. Kazakhstan's crude production rose by 70,000 bpd month-on-month in June to 1.9 million bpd. This figure is nearly 500,000 bpd above its OPEC+ target and aligns closely with an industry source's report of 1.88 million bpd last week.
Time of India
11-07-2025
- Business
- Time of India
Russia's fuel export revenue in June fell 14% from last year, IEA says
Russia's oil revenue declined nearly 14% year-on-year in June to $13.57 billion, despite stable crude output. Lower global oil prices and increased OPEC+ output contributed to the revenue drop. The IEA raises concerns about Russia's long-term production capacity as export deterioration persists, while Kazakhstan exceeds its OPEC+ output target. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Russia's revenue from sales of crude oil and oil products in June declined by almost 14% from a year earlier to $13.57 billion, the International Energy Agency said on oil prices have fallen this year, under pressure from economic uncertainty and increased output from OPEC+, the Organization of the Petroleum Exporting and allies including crude output , however, stayed broadly flat at 9.2 million barrels per day last month and crude loadings were stable at 4.68 million bpd, the IEA said. Its exports of oil products dropped by 110,000 bpd to 2.55 million of both crude and products in June remained around a five-year low."The deterioration in exports has persisted over most of 2024 and 2025 to date and raises questions about Russia's ability to sustain its upstream production capacity," the IEA said in a monthly said Russian crude prices in June were below the $60 per barrel of the Western-imposed price cap on average despite trending above it for a 10-day period. Price gains exceeded those for North Sea Dated, as supply concerns boosted crude buying and sour crude markets remained European diplomats told Reuters that the European Commission is expected to propose a floating Russian oil price cap as part of a new draft sanctions Russia is meeting its OPEC+ output target, Kazakhstan has repeatedly exceeded its agreed to the IEA, Kazakhstan's crude production gained 70,000 bpd, month-on-month, to 1.9 million barrels per day in June, nearly 500,000 bpd above its OPEC+ target and almost in line with the output of 1.88 million bpd, an industry source told Reuters last week.
Time of India
30-05-2025
- Politics
- Time of India
'You Gotta Stop Ukraine First': Russia Vs US Fight Rocks UNSC; Big Clash Between Trump, Putin Aides
/ May 30, 2025, 11:12PM IST Russia warned Germany not to help Ukraine develop its own long-range missile systems, telling the United Nations Security Council that it is thwarting efforts to establish peace. German Chancellor Friedrich Merz pledged Wednesday to help Ukraine develop missile systems that would be free of any Western-imposed limitations on their use and targets. The United States defended Ukraine's right to defend itself from aggression. "Ukraine's fellow UN member states have a right to provide Ukraine with the means to do so," ambassador Chris Lu said. Watch.
Yahoo
29-05-2025
- Business
- Yahoo
Zelenskyy Calls for Increased Pressure on Russia
Ukrainian President Volodymyr Zelenskyy called for increased international pressure on Russia after a meeting with German Chancellor Friedrich Merz in Berlin where the leaders announced plans for Ukraine and Germany to jointly produce long-range weapons boosting Ukraine's ability to fight. "There is not enough pressure," Zelenskyy told German broadcaster RTL on May 28, criticizing what he sees as insufficient commitment from global powers. "The United States is involved, but not 100 percent. Other countries, like China and those from the Global South, are holding back," he said. Zelenskyy also suggested a lasting peace may only be possible once Russian President Vladimir Putin is no longer in power. "We will have a just peace, but likely only after Putin," he said. Zelenskyy earlier on May 28 accused Russia of stalling diplomatic efforts to achieve a cease-fire. "They (Russians) will constantly look for reasons not to end the war," Zelenskyy said at a joint news conference with Merz, adding "you can see what Putin is doing" and referring to "mass drone attacks every night." The air strikes launched on Kyiv and other cities and regions in recent days "are not the language of peace," said Merz. "They are a slap in the face for everyone who is working for peace, in Ukraine, in Europe, and in the United States," he added. He said Germany would help Ukraine develop its own long-range missile systems that would be free of any Western-imposed limitations on their use and targets. Merz said that under an intensified cooperation agreement, Germany "will strive to equip the Ukrainian Army with all the capabilities that truly enable it to successfully defend the country," including upgraded domestic missile production. "Ukraine will be able to fully defend itself, including against military targets outside its own territory" with its own missiles, Merz said at a joint news conference. Germany is the second-biggest individual supplier of military aid to Ukraine after the United States. But some of the advanced weapon systems have been subject to range and target restrictions over fears the Kremlin might retaliate against the country that provided the weapons and draw NATO into Europe's biggest conflict since World War II. Later on May 28, Merz told German public broadcaster ZDF that he wouldn't rule it out sending German-made Taurus cruise missiles -- a long-range weapon that Zelenskyy has asked for -- but said it would not help Ukraine now because it would take months for Ukrainian troops to learn to use the system. That's why Germany is improving its military cooperation and support with Ukraine now, he said. Russian Foreign Minister Sergei Lavrov criticized the announcement on weapons production cooperation between Germany and Ukraine. Germany is on the same path that it moved down "a couple of times in the last century," leading to its collapse, Lavrov said on Telegram. German Foreign Minister Johann Wadephul responded by saying that Russia should not be able to dictate whether Ukraine's allies provide help in producing long-range weapons. "The reality is that Russia is not provoking a war but conducting a war day by day without any right and violating international rights, so we are not in a position that Moscow has [to] educate us on international war or what we are allowed to do," Wadephul said in an interview with CNN on May 28. "We stand with Ukraine as long as Ukraine has to defend itself, its territory, its people, and the international law against the Russian aggression," he said, adding that Germany agrees with many of its partners, especially in Eastern Europe, that "we will not have security in Europe with Russia but only against Russia." By RFE/RL More Top Reads From this article on
