Page 3 - India Russia

Dollar still being used to import Russian oil by Indian companies: Report

According to Indian importers, the rupee trade mechanism that was devised in July by the Reserve Bank of India (RBI) has not gained much traction yet

India, Russia vow to expand economic cooperation, including energy sector

India and Russia on Tuesday vowed to expand their economic engagement including New Delhi's import of petroleum products from its "time-tested" partner even as External Affairs Minister S Jaishankar emphasized on ending the Ukraine conflict in view of growing global concerns over energy and food security. After holding wide-ranging talks with his Russian counterpart Sergey Lavrov and Deputy Prime Minister Denis Manturov in Moscow, Jaishankar said India would be supportive of any initiative that "de-risks" the global economy and stabilises the global order at this stage. In his opening remarks at the meeting with Lavrov, Jaishankar described Indo-Russia relations as "exceptionally steady" and "time-tested" and said the objective is to fashion a contemporary, balanced, mutually beneficial, sustainable and long-term engagement between the two sides. It was Jaishankar's first visit to Moscow after Russia launched its invasion of Ukraine in February and his talks with the Russian ...

We are committed to work with India on its transition away from Russia: US

The Biden administration is committed to work with India on its transition away from Russia, the White House has said. It said there are a number of countries that have learned the hard way of the fact that Moscow is not a reliable source of energy or security. When it comes to India's relationship with Russia, the US has consistently made the point that it is a relationship, that developed and was cemented over the course of decades, really came to be during the Cold War at a time when the United States was not in a position to be an economic partner, a security partner, a military partner to India, State Department Spokesperson Ned Price told reporters at a news conference here Tuesday. That has changed. That's changed over the past 25 or so years. It's really a legacy, a bipartisan legacy that this country has achieved over the course of the past quarter century. President George W Bush's administration was really the first to put this into effect, he said Price said the US has

EAM S Jaishankar arrives in Moscow for two-day visit, to meet Sergey Lavrov

External Affairs Minister S Jaishankar arrived in Moscow on Monday as a part of his two-day visit to Russia

ONGC applies to retain 20% stake in Russia's Sakhalin-1 oil and gas project

"Yes," said the person when asked if ONGC has applied to retain its stake in the project

Russia, India stand for 'more just' and 'polycentric' world, says Moscow

Russia and India stand for the formation of a "more just" and "polycentric" world order and both sides demonstrated the proximity of positions on the most pressing issues, Moscow said on Monday, a day ahead of talks between the foreign ministers of the two countries. External Affairs Minister S Jaishankar begins a two-day visit to Russia this evening amid growing global concerns over increasing hostilities between Russia and Ukraine. In a statement, the Russian foreign ministry said Jaishankar and Foreign Minister Sergey Lavrov, in their talks, will focus on trade and investment, use of national currencies for trade, "promising projects" in the energy sector and the formation of a security architecture in the Asia-Pacific region. "Russia and India stand for the active formation of a more just and equal polycentric world order, and proceed from the inadmissibility of promoting the imperialist diktat on the global arena," it said. "Both countries demonstrate the proximity of position

EAM S Jaishankar to visit Russia on Nov 7; to hold talks with Sergey Lavrov

External Affairs Minister S Jaishankar will pay a two-day visit to Russia beginning November 7 during which he will hold wide-ranging talks with his Russian counterpart Sergey Lavrov. The Ministry of External Affairs (MEA) announced Jaishankar's visit on Thursday. During visit to Moscow, Jaishankar will hold talks with Lavrov focusing on bilateral, regional and international issues, MEA spokesperson Arindam Bagchi said at a media briefing. The visit is taking place amid the ongoing conflict in Ukraine. In the last few months, India has increased the import of discounted crude oil from Russia notwithstanding increasing disquiet over it by several Western powers. Jaishankar and Lavrov have already met four times after the Ukraine conflict began in February. The Russian foreign minister visited India in April during which he held extensive talks with Jaishankar and met Prime Minister Narendra Modi. Russian President Vladimir Putin visited India in December last year to attend the .

India continues with Russian oil buys, cuts shipments from Saudi

Saudi Arabia's decline in India's oil market has coincided with Russia's rise, and ironically occurred amid growing diplomatic ties between Riyadh and New Delhi

India under no moral conflict on buying Russian oil, reiterates Puri

Union petroleum and natural gas minister Hardeep Singh Puri on Monday reiterated that India is under no moral conflict to stop buying oil from Russia

Why India may have to rework Russian oil purchase if a price cap is imposed

India will have to follow a delicate balancing act if the West imposes a pricing limit on supplies from Moscow

Nuclear option should not be resorted to by any side: Rajnath Singh

Defence Minister Rajnath Singh on Wednesday told his Russian counterpart Sergei Shoigu that the Ukraine conflict should be resolved through dialogue and diplomacy and the nuclear option should not be resorted to by any side. In telephonic talks, Shoigu briefed Singh on the evolving situation in Ukraine, including his concerns about possible "provocations through use of 'dirty bomb'", the defence ministry said. The conversation took place at the initiative of the Russian defence minister amid escalation of hostilities between Russia and Ukraine. "Singh reiterated India's position on the need to pursue the path of dialogue and diplomacy for an early resolution of the conflict," the ministry said. "He pointed out that the nuclear option should not be resorted to by any side as the prospect of the usage of nuclear or radiological weapons goes against the basic tenets of humanity," it said. It said the two ministers also discussed bilateral defence cooperation as well as the deteriorat

Two Russian banks open special vostro account for overseas trade in rupee

Two Russian banks have opened a special vostro account following permission from the Reserve Bank of India to facilitate overseas trade in rupee. Sberbank and VTB Bank -- the largest and second largest banks of Russia -- are the first foreign lenders to receive this approval after the RBI announced the guidelines on overseas trade in rupee in July. These banks have opened special vostro account in their respective branches in Delhi, sources said. Last month, state-owned UCO Bank received the RBI's approval to open a special vostro account with Gazprombank of Russia. The Kolkata-based lender, among the first banks to receive the regulator's approval following the RBI's decision to promote rupee settlement, opened the account during this month. The move to open the special vostro account clears the deck for settlement of payments in rupee for trade between India and Russia, enabling cross-border trade in the Indian currency, which the RBI is keen to promote. The RBI has allowed the

UNGA condemns Russia's annexation of Ukrainian regions; India abstains

The United Nations General Assembly (UNGA) on Wednesday adopted a resolution condemning the Russian annexation of the four Ukrainian regions

No one has told us not to buy oil from Russia, says Hardeep Singh Puri

The Indian government has a moral duty to provide energy to its citizens and it will continue to buy oil from wherever it has to, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Friday, asserting that no country has told India to stop buying oil from Russia. The Russia-Ukraine war has had a far-reaching impact on the global energy system, disrupting supply and demand patterns and fracturing long-standing trading relationships. It has pushed up energy prices for many consumers and businesses around the world, hurting households, industries and entire economies of several nations. India's crude oil imports from Russia have jumped over 50 times since April and now it makes up for 10 per cent of all crude bought from overseas. Russian oil made up for just 0.2 per cent of all oil imported by India prior to the Ukraine war. The Western countries are gradually bringing down their energy purchases from Russia following its attack on Ukraine. India will buy oil from

Rupee trade: Understanding difference between Nostro and Vostro accounts

The RBI has allowed two Russian banks, Sberbank and JSC VTB, to open Vostro accounts for rupee trade. Read more to find out what a Vostro account is and how it is different from a Nostro account

Rupee trade: Two Russian banks get RBI nod for special vostro account

Trade between India and Russia started growing after the latter invaded Ukraine in late February

No difficulties with Russia on servicing of military equipment: Jaishankar

Asserting that it exercises a choice which it believes is in its national interest, India Tuesday said it has no difficulties with Russia on servicing of military equipment and spare parts in the aftermath of the war in Ukraine. "On the military equipment (from Russia), to the best of my knowledge, I don't think in recent months we have faced any particular problems in terms of servicing and spare parts supply of equipment that we have got in the past from Russia," External Affairs Minister S Jaishankar told reporters at a joint news conference with US Secretary of State Antony Blinken. "Where we get our military equipment and platforms from, that's not an issue, honestly, which is a new issue or an issue which has particularly changed because of geopolitical tensions," he said. India, he noted, looks at possibilities across the world. "We look at the quality of technology, the quality of capability, the terms on which that particular equipment is offered, and we exercise a choice .

India's campaign for rupee trade finds fans from Russia to UAE

A greater use of the rupee in tea trade is an encouraging sign, but it's unlikely to boost the currency's status in a major way

EAM Jaishankar, Russian counterpart Lavrov discuss bilateral ties, G-20

External Affairs Minister S Jaishankar on Saturday met his Russian counterpart Sergey Lavrov here for a "wide-ranging" conversation that included "bilateral cooperation, Ukraine, G-20 and UN reforms. "A wide-ranging conversation with FM Sergey Lavrov at #UNGA 77. Discussed our bilateral cooperation. Exchanged views on Ukraine, G-20 and UN reforms," Jaishankar tweeted. The meeting came just hours before Jaishankar's address to the high-level UN General Assembly's general debate. Lavrov is also scheduled to address the General Assembly on Saturday.

Navy buys 'enhanced range' BrahMos missiles for Rs 1,700 crore

To be lethal against warships and shore targets at 400 km; deal value Rs 1,700 crore