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.
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.
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.
Indian refiners and traders are concerned they may not be able to continue to settle trades in dollar if the price of Russian crude rises above a cap imposed by G7 and Australia.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
Since 1815, Nepali Gorkhas have served in Indian & British Armies, as well as in Bihar, Bengal & Assam Police. Since Agnipath scheme came in, no Nepal-domiciled Gorkha has enlisted.
What Munir has achieved with Trump is a return to normal, ironing out the post-Abbottabad crease. The White House picture gives us insight into how Pakistan survives, occasionally thrives and thinks.
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