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India's imports of crude oil from Russia touched a new high of 1.64 million barrels per day in March and is now double of the purchases from Iraq - the nation's traditional top oil supplier. But the purchases appear to have plateaued as growth has slowed. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a sixth straight month by supplying more than one-third of all oil India imported, according to energy cargo tracker Vortexa. Refiners continue to snap up plentiful Russian cargo available at a discount to other grades. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict in February 2022, Russia's share of India's imports rose to 1.64 million barrels per day in March, taking a 34 per cent share. The purchases from Russia in March were double of 0.82 million barrels per day (bpd) of oil bought from Iraq, which has been India's top oil supplier

Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share

The decision by the two state-controlled companies to abandon the Europe-dominated Brent benchmark is part of a shift of Russia's oil sales towards Asia after Europe shunned Russian oil

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The United States has said that each country is going to make its own decision when asked about India's ties with Russia and purchase of oil from Russia

I don't think they're going to end those relations anytime soon, but we are talking to them about the role they can play in this conflict, Lu added

Exports to Russia contracted 13.5 per cent at $2.2 billion during the first three quarters of the current fiscal year

But its impact has been kept under check

Yellen, speaking at a news conference in India on the eve of the first anniversary of the Russian invasion

India's imports of Russian steel rose to an eight-year high during the first 10 months of the financial year that began in April 2022, government data compiled by Reuters showed

Last year, bilateral trade and economic cooperation between the two countries received a powerful impetus and mutual trade reached almost USD 30 billion

India's imports from Russia has jumped about five times to USD 37.31 billion during April-January this fiscal on account of increasing inbound shipments of crude oil from that country, according to the commerce ministry data. In 2021-22, Russia was India's 18th largest import partner, accounting for USD 9.86 billion of imports. Russia has become India's fourth largest import source during the 10-month period of the current fiscal. India's appetite for Russian crude oil in January rose to unseen levels, continuing to remain above traditional middle eastern suppliers for the fourth month in a row, as refiners rushed to snap up plentiful cargoes available at a discount to other grades. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 1.27 million barrels per day in January, taking a 28 per cent share, according to energy cargo tracker Vortexa. India, the world's third-larges

Annual arms exports were about $14 billion to $15 billion, and the order book has remained steady at around $50 billion, Interfax reported

India is the UAE's second-largest trade partner and officials are working on a mechanism to boost trade in dirhams and rupees

There is no unified global energy market and energy security is no longer global, Russia's powerful oil executive Igor Sechin said amid talk for countries coming together to check volatility in prices and ensure smooth transition to net zero. Speaking at the India Energy Week here, Sechin, chief executive of Rosneft, said all principles of market trading have been destroyed and market pricing and contract law abolished. Russia was slapped with sanctions by some Western countries following the war in Ukraine. Some countries in Europe stopped buying contracted natural gas. Russian crude oil was shunned, leading to it being traded at a discount to international rates. This meant that while all major benchmark crude oil moved in a particular fashion, Russian crude was traded at discounts as high as USD 40 per barrel. "There is no unified global energy market, and energy security is no longer global," he said. Russia, he said, achieved more significant results than many of the world's

Russia has a lot to offer to India and vice-versa in all these areas, with western companies leading, Russian Ambassador to India added

The refinery executives said Indian processors will maintain their long-term supplies from producers such as Saudi Arabia, with any increase in Russian purchases done on a spot and opportunistic basis

Canara Bank on Friday said it plans to sell its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 114 crore. CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent). Canara Bank has entered into a share sale agreement in relation to sale of equity shares held by it in Moscow-based CIBL with SBI, the bank said in a regulatory filing. The Bengaluru-based state-owned bank entered into the agreement for sale on November 11, 2022, it said. Based on share sale agreement and with the consent of Central Bank of Russia, entire shares held by Canara Bank have been transferred to SBI on November 30, 2022, it said. "However, consideration in USD as agreed by the parties is not yet received. Expected to complete the transaction on or before March 31, 2023," it said. Canara Bank is expected to receive USD 14.67 million or about Rs 114 crore from SBI for its

An Indo-Russian joint venture has started manufacturing Kalashnikov AK-203 assault rifles in Uttar Pradesh's Amethi, a move that will lend greater firepower to the Indian armed forces. Indo-Russian Rifles Private Limited plans to ensure 100 per cent localisation of the production of AK-203 rifles in India. In future, the company may also increase output and upgrade its production facilities to produce advanced rifles based on the Kalashnikov assault rifle platform, Rostec State Corporation said in a statement. The joint venture, registered and located in India, whose founders on the Russian side are Rosoboronexport and Kalashnikov Concern (both subsidiaries of the Rostec State Corporation), has started producing Kalashnikov assault rifles, it said. "Russia and India are linked by strong partnership relations. Military-technical cooperation between the two countries has resulted in the construction of the joint venture Indo-Russian Rifles Private Limited," the statement said. "With

Amid the rising bilateral trade, India has been exploring a rupee trade settlement mechanism with Russia