The Union minister also spoke about Op Sindoor, Rahul Gandhi & India’s energy game plan. He praised the Modi government’s development and welfare record over the past 11 years.
India's trade with Tehran has cratered since 2018 after US sanctions were reimposed on the West Asian country, and China has stepped into the resulting vacuum.
Import made possible by licences granted by US treasury dept's Office of Foreign Assets Control, which is responsible for enforcing sanction, says Russian state-owned Sputnik Globe news.
Since the imposition of the price cap in December 2022, India has mostly paid above the $60 ceiling for Russian oil that had still proved cheaper than the similar grades from elsewhere.
The corridor, which is around 5,600 nautical miles long, will reduce transportation time of cargo from Russian Far East to India to around 24 days from current 40 days.
As Houthis attack ships in Red Sea in solidarity with Palestine, shippers are considering alternative routes. Delay in oil supplies to India could force it to buy more from Middle East.
Ever since sanctions were imposed on Russia, India hasn’t been able to use US dollar to pay for oil. It is said to be looking at using dirhams & rupee, both of which have limitations.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
India-Russia JV is also racing to deliver 7,000 more AK-203 assault rifles by 15 Aug. These are currently being made with 50% indigenisation and this will surge to 100% by 31 December.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
Each country’s is. The only question being the time frame over which costs and benefits of decisions such as purchase of discounted Russian oil are evaluated.
Each country’s is. The only question being the time frame over which costs and benefits of decisions such as purchase of discounted Russian oil are evaluated.