INDIA RUSSIA TRADE TIES
India turns to Russia to break China’s rare earth monopoly
India is actively seeking partnerships with Russian companies to secure vital rare earth magnets and critical minerals, aiming to reduce dependence on China. This strategic move follows Beijing's recent export curbs, impacting key industries. Indian firms and research institutions are evaluating Russian processing technologies, with potential collaborations involving state-run giants like Nornickel and Rosatom.
'They are pulling back': Trump repeats claim of India 'not be buying' Russian oil
While addressing a bilateral lunch with Ukrainian President Volodymyr Zelenskyy in the White House, the US President again claimed that India had significantly reduced its oil imports from Russia and is now pulling back entirely, stating that New Delhi "will not be buying oil from Russia anymore."
India tries to balance US, Russia ties in pursuit of Trump deal
India navigates a delicate balance, seeking a trade deal with the US while maintaining energy ties with Russia. Prime Minister Modi indicated a potential reduction in Russian oil purchases, signaling a willingness to work with Washington, though emphasizing the need for cost-effective energy supplies for consumers.
Russia claims it’s offering top-grade oil at bargain prices to countries Trump is courting
Kremlin spokesman Dmitry Peskov said Moscow can offer high-quality oil at lower prices to nations that U.S. President Donald Trump is urging to halt Russian imports. He warned that denying countries the right to choose their suppliers would breach free trade principles.
No telephone conversation between Modi & Trump yesterday: MEA counters US President's claim
India’s External Affairs Ministry on Thursday said it is “not aware of any conversation” between Prime Minister Narendra Modi and US President Donald Trump regarding Russian oil purchases, countering Trump’s claim that Modi had assured him India would stop buying Russian crude. MEA spokesperson Randhir Jaiswal clarified there was no call or discussion between the leaders on the matter.
India to stop buying Russian oil like Trump claims? MEA issues statement
The External Affairs Ministry said the US has shown interest in deepening energy cooperation with India, with discussions underway. The statement came after President Trump claimed Prime Minister Modi assured him India would stop buying Russian oil.
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Trump claims PM Modi assured India will stop buying Russian oil
President Trump announced that Indian Prime Minister Modi pledged to cease oil purchases from Russia, a significant move aimed at cutting Moscow's energy revenues. Trump stated his intention to pursue similar action from China next. This development follows U.S. tariffs imposed on Indian exports to discourage Russian oil imports.
Rupee falls 7 paise to close at 88.03 against US dollar
The Indian Rupee weakened by 7 paise to close at 88.03 against the US Dollar on Friday. Trade tensions and global uncertainties impacted the currency. However, foreign fund inflows and lower crude oil prices provided some support. The domestic equity market saw significant gains.
India considers easing certain Chinese import curbs amid growing reliance, say sources
India’s trade ministry and NITI Aayog are considering easing certain tariff and non-tariff restrictions on Chinese imports to secure raw materials vital for industrial and export growth. Measures under discussion include letting anti-dumping duties lapse on some products and cutting tariffs on raw materials for sectors like leather and engineering goods where domestic supply is limited.
Hardeep Puri meets Brazil minister to expand trade and energy cooperation
Union Petroleum Minister Hardeep Singh Puri met with Brazil’s Vice President and Minister of Development, Industry, Trade and Services, Geraldo Alckmin, to discuss strengthening India-Brazil energy cooperation. The talks focused on bilateral trade in hydrocarbons, long-term crude supply contracts with Petrobras, and Indian investments of over $3.5 billion in Brazil’s upstream sector.
India, Brazil agree to deepen economic ties; set $20 billion trade target by 2030
Both countries agreed to broaden the Preferential Trade Agreement under the Mercosur framework and to strengthen long-term cooperation in civil and defence sectors.
Energy ties align with India's interests: Russian Ambassador to India Denis Alipov
In the ever-evolving landscape of global energy, Russian crude oil stands out as India's most economical option. Ambassador Denis Alipov emphasizes that Russia is not just a supplier but a steadfast ally in energy affairs, reinforcing a partnership that resonates with India's strategic objectives.
It is based on India's national interest: Russia on its energy ties with New Delhi
Russia’s envoy to India, Denis Alipov, said energy cooperation with India aligns with New Delhi’s national interests, highlighting an upswing in bilateral trade. His remarks came after President Trump claimed Prime Minister Modi assured him India would stop buying Russian crude.
Some Indian refiners to move away from Russian oil, sources say
India plans to reduce liquefied petroleum gas (LPG) imports from the Middle East as state refiners aim to increase purchases from the U.S., supporting broader trade talks with Washington. State refiners have informed suppliers in Saudi Arabia, UAE, Kuwait, and Qatar about the likely cut, though the exact reduction is unclear.
Russia confident of continuing energy trade with India: DPM Novak
Russia remains confident in its energy ties with India. Deputy Prime Minister Alexander Novak stated cooperation will continue. This comes after US President Donald Trump claimed India assured him of stopping Russian oil purchases. India maintains its import policies are driven by national interest and market conditions.
Indian refiners prepare to cut Russian oil imports, sources say
Russian oil exports to India may decline as refiners await official guidance following President Donald Trump’s claim that Prime Minister Modi committed to stopping Russian crude imports. Executives from state-owned and private refiners said they were surprised by Trump’s remarks and had received no instructions from New Delhi.
India paying for Russian oil in yuan along with rubles, says Deputy PM Alexander Novak
India has begun paying for Russian oil in Chinese yuan. This follows a period where India significantly increased oil imports from Russia. Payments are still largely made in rubles. This development occurs amidst ongoing discussions about India's energy security and its independent foreign policy. The US has expressed concerns regarding these transactions.
'Yahan se tareef, wahan se tariffs': Jairam Ramesh takes swipe at PM Modi after Trump's Russia oil claim
Indian opposition leaders are questioning the government's foreign policy. US President Donald Trump stated Prime Minister Narendra Modi assured him India would cease Russian oil purchases. Congress leaders allege the Indian government's decisions are announced by the US President. India's Ministry of External Affairs responded that energy sourcing is based on national interests and consumer protection.
Russia to boost banana import from India
In a fresh twist to international trade, Russia is poised to become a major player in the banana market, turning its gaze towards India for imports. The Russian agricultural oversight body, Rosselkhoznadzor, has revealed plans to source anywhere from 300,000 to 500,000 metric tonnes of bananas annually.
UK is taking targeted action against Indian, Chinese Firms over Russian oil trade, British finance minister says
The UK is cracking down on Indian and Chinese companies that are helping Russia sell its oil. Chancellor Jeremy Hunt announced these targeted sanctions, aiming to disrupt Moscow's oil trade and put more pressure on Russia's economy. This move signals a tougher stance from Britain against those facilitating Russian oil sales.
China files WTO complaint against India over EV & battery subsidies, urges New Delhi to rectify 'wrongdoings'
China’s Commerce Ministry has urged India to rectify what it called “wrongdoings,” after filing a complaint with the World Trade Organisation (WTO) over India’s electric vehicle (EV) and battery subsidies. The ministry said the Indian measures harm China’s economic interests and called for corrective action.
'This is India's moment,' says US media leader Mark A. Aitken
Mark A. Aitken, Senior VP of Sinclair Broadcast Group, praised India’s transformation from an underdog to a global technology leader, saying the country has moved from "potential to execution" and is now "reshaping the global economy."
India taking up export barriers with Russia
India is actively addressing over 65 non-tariff barriers impacting its marine and agricultural exports to Russia, aiming to reduce a significant trade deficit. Key concerns include obtaining approval for Indian marine product units for shrimp exports, a crucial step for diversifying shipments after US tariffs.
Canadian political commentator calls for balanced action on Khalistanis to strengthen New Delhi-Ottawa ties
Udall emphasised that the Canadian government, led by Prime Minister Mark Carney, should take India's security and sovereignty concerns seriously to foster a more stable and forward-looking partnership.
India, Canada trade ministers discuss ways to strengthen economic ties
India and Canada are discussing ways to boost economic ties. Ministers Piyush Goyal and Maninder Sidhu explored new trade opportunities in clean technology, AI, agriculture, and critical minerals. This comes after past trade agreement negotiations were paused. Discussions aim to build on mutual respect and trust. India's exports to Canada saw an increase in the last fiscal year.
PM Modi greets President Putin on his birthday, reaffirms commitment to strengthen India-Russia ties
Prime Minister Modi extended birthday wishes to Russian President Putin, wishing him good health and success. The leaders reviewed bilateral progress and reaffirmed their commitment to the Special and Privileged Strategic Partnership. Modi expressed anticipation for Putin's visit to India for the upcoming Annual Summit, highlighting the significance of ongoing high-level engagement.
India-US in continuous dialogue for trade pact: Piyush Goyal
India and the US remain in active talks to finalise a bilateral trade agreement, with Commerce and Industry Minister Piyush Goyal saying there is “every possibility” of meeting the November deadline. Goyal noted that discussions are ongoing at multiple levels, though the next round may depend on the ongoing US government shutdown, which has temporarily halted several federal functions.
Putin warns Trump’s India tariffs could boomerang on US economy
Russian President Putin criticised U.S. efforts to pressure India and China into reducing energy ties with Russia, warning that higher tariffs could raise global prices, force the U.S. Federal Reserve to keep interest rates high, and slow the U.S. economy. He added that India and China “will not allow themselves to be humiliated.”
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