India has been buying crude oil from Russia, which is now its top oil supplier, at discounted prices since the West imposed import curbs following its invasion of Ukraine.
India shipped in about 1.6 million barrels per day (bpd) of Russian oil in 2022/23, the data showed, about 23% of its overall 4.65 million bpd imports.
Responding to questions from Rajya Sabha members, the external affairs minister said it's his duty to ensure Indians don't pay the cost of other countries' actions for food, etc.
Oil minister Hardeep Singh Puri warned that these cuts could tip the world into recession. He also informed that Indian firms have signed new oil supply deals with Colombia and Brazil.
Ankit Desai will work as a subcontractor to law firm Eversheds Sutherland US LLC, which represents Reliance in matters related to Venezuelan sanctions imposed during the Trump admin.
India is heavily reliant on energy imports and refiners struggled to cope as the US foreign policy over the last few years restricted access to Iranian & Venezuelan oil.
The global oil slump has given Modi govt the cushion to hike fuel taxes to meet revenue shortfalls. But retail fuel prices still hover around pre-Covid-19 levels.
Making a jump from internal combustion engines to electric vehicles is the kind of romantic prospect that would appeal to India, which jumped from a shortage of landline phones to an abundance of smartphones.
RBI Wednesday banned Kotak Mahindra Bank from taking on new customers through digital channels & from issuing new credit cards. Violations had to do with strength of bank’s IT infra.
Another addition to military cooperation has been the Strategic Space Dialogue, inaugurated in Paris in 2023. Last month, India participated as an observer to France’s AsterX.
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