Russia Financial News

Ukraine, China is helping Russia ramp up its defence industrial base at such a large scale that Moscow is now undertaking its most ambitious expansion in military manufacturing since the Soviet era, CNN reported, citing senior Biden administration officials. One of the official claimed that the Chinese and Russian entitles have also been working jointly to produce drones inside of Russia. The support from China is having a significant impact on Russia's ability to continue its assault on Ukraine, while Ukraine's military has been plagued with equipment and weapon shortages. The challenge for Ukraine is exacerbated by Republicans in the US Congress continuing to block a vote on a new American military aid package to Kyiv.

China has surged sales to Russia of machine tools, microelectronics and other technology that Moscow in turn is using to produce missiles, tanks, aircraft and other weaponry for use in its war against Ukraine, according to a US assessment. Two senior Biden administration officials, who discussed the sensitive findings Friday on the condition of anonymity, said that in 2023 about 90 per cent of Russia's microelectronics came from China, which Russia has used to make missiles, tanks and aircraft. Nearly 70 per cent of Russia's approximately USD 900 million in machine tool imports in the last quarter of 2023 came from China.

S Jaishankar on Friday emphasised that the 20,000 children who came back from Ukraine were "Modi ki Guarantee," adding that foreign policy is not just for diplomats, but has an impact on every person's life. During an interaction with the youths of Pune on the launch of the Marathi translation of his book: «Why Bharat Matters» he discussed about India's global rise and improved opportunities on Friday. «Today's world is globalised, and it means that whether you believe it or not, the world will come to your door. In the last three years, we have seen the Covid pandemic. It started somewhere else; who thought it'd reach India...and will turn our lives,» EAM Jaishankar said.

foreign exchange reserves touched a fresh record high of $648.56 billion in the week ended April 5th, topping the previous high of $645.58 billion, latest data published by the central bank showed. The reserves rose by $2.9 billion and were primarily driven by gold assets that climbed $2.4 billion. A spike in bullion (gold) prices has caused reserves to surge. This is the third time in the past two months where reserves have touched fresh highs. Potential supply chain disruptions spawned by uncertain geopolitics in West Asia and Eastern Europe prompted central banks to increase their gold assets, helping mitigate the impacts of currency volatility and elevated interest rates in the US.

GmbH's global chief of sales and services Rudolf Klotscher said India is the company's second largest emerging market alongside Turkey and is a «huge focus» country. The Euro 14.8-billion company, which sells Bosch and Siemens brands of refrigerators, dishwashers and kitchen appliances, has reported a double-digit growth in India in several categories such as built-in appliances and dishwashers when the Indian market is growing at 7-8%. Klotscher did not share the overall revenue numbers or company's revenue growth in India “The potential for the future in India is very big. There are 1.4 billion potential customers in India," Klotscher told ET on the sidelines of BSH’s annual global press meet held virtually on Thursday.

The head of the International Monetary Fund says strong economic activity in the United States and emerging markets is projected to help drive global growth by about 3% this year

U.S. Cybersecurity and Infrastructure Security Agency said Russian government-backed hackers have used their access to Microsoft's email system to steal correspondence between officials and the tech giant, an emergency directive by the U.S. watchdog released on Thursday showed. In the directive dated April 2, the agency warned that hackers were exploiting authentication details shared by email to try to break into Microsoft's customer systems, including those of an unspecified number of government agencies.

Biden administration to stop approving any more flights between the United States and China. This comes as they said due to “anti-competitive" policies that China imposes on the US carriers. On Thursday, the airlines and unions claimed that China closed its market to US carriers at the outbreak of the pandemic.

Russian police have seized over 3,200 crypto mining rigs in raids on four large “illegal” data centers in Siberia.

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Carnegie Endowment said the US has limited ability to influence the trajectory of emerging powers such as India. In a report released Tuesday, it said besides India, other emerging powers—Argentina, Brazil, Indonesia, Mexico, Nigeria, Saudi Arabia, South Africa, Thailand and Türkiye—have taken stances that contrast or directly clash with US positions on China and Russia over the past few years.

Morgan Stanley’s wealth unit is under the regulatory microscope, with multiple federal agencies scrutinizing its procedures for evaluating the risk of money laundering among clients within its extensive wealth management arm.

Hungary’s government will add new restrictions on the import of Ukrainian agricultural products to protect Hungarian farmers from market fluctuations caused by cheaper Ukrainian imports

tourists back to the Maldives, a major tourism body here has announced that it will hold road shows across key Indian cities. A full-blown backlash was directed at the Maldives following derogatory remarks against India and Prime Minister Narendra Modi on social media by three Maldivian officials after Modi posted photos and video of the pristine Lakshadweep Islands on India's west coast on January 6 on his X handle. Scores of Indians, including multiple celebrities, cancelled their reservations and dropped plans to visit Maldives. The tourism arrival statistics reflected how from being a top visitor country, India's position went down to first fifth and now at the sixth position after January.

Russia launched a major missile-and-drone assault on Ukrainian power stations, part of a new campaign to exploit delays in Western aid for Kyiv to press Moscow’s growing advantage in the third year of war. The overnight strikes hit several regions across the country, destroying a power plant in the Kyiv region and inflicting fresh damage on others that had been struck in earlier attacks. Tens of thousands of homes were left without power, according to Ukrainian officials.

Also Read: Oil traders stay bullish as Brent hovers at $90: ‘Crude to stay elevated even if Middle East tensions cool down’ The elevation in crude prices also comes as OPEC, the group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, last kept its oil supply policy unchanged and pressed some countries to increase compliance with output cuts. Morgan Stanley said that with OPEC supply restraints, some downside to Russia production, and a seasonal upswing in demand ahead, it expects tightness in the second and third quarters.

The history of exploration in the Arctic by European and North American expeditions is littered with gruesome ways to die. The challenges of navigating the merciless landscape are many, which is why the first humans to travel over the surface of the frozen Arctic Ocean to reach the North Pole, the geographical top of the world, arrived as late as 1969—the same year astronauts made it to the surface of the moon. It is no longer possible to travel from land across Arctic Ocean pack ice to the North Pole as they did in 1969.

New Delhi: Rising prices of raw materials for manufacturing plastic products could further burden the Indian economy lead to a hike in the prices of plastic goods in the near future, said Sribash Dasmohapatra, executive director of the Plastic Export Promotion Council (PLEXCONCIL), a body under the ministry of commerce. Raw materials used for manufacturing plastics, such as ethylene and propylene, are primarily sourced from countries with abundant petrochemical resources like Russia, Iran, the United Arab Emirates and Saudi Arabia.

The Mirror US citing experts, a collision between the two could have “endangered lives". NASA's Deputy Administrator, Colonel Pam Melroy expressed deep concern over the incident that occurred in February 2024.

Russian businessmen Mikhail Fridman and Petr Aven won a court case Wednesday over a European Union decision to sanction them for their alleged role in Russia’s war against Ukraine

India on Wednesday said it is and will remain Colombo's most reliable friend and dependable partner as it underlined that New Delhi was willing to offer modern defence equipment to friendly partner countries like Sri Lanka. Addressing the Second India-Sri Lanka Defence Seminar here, India's High Commissioner to Sri Lanka, Santosh Jha, said that like in other areas, India and Sri Lanka were cooperating closely on security and defence matters. «Because of our geography, our security is interlinked and intertwined. And when we speak of security, we must remember that it has acquired a wider meaning than we have traditionally associated with it,» Jha said and added, after the Covid19 pandemic and impact of Russia-Ukraine conflict, it has come to include energy, health, food and even economic security. The various advanced platforms and equipment developed indigenously in India can also become viable, affordable and modern solutions for the Sri Lankan military, he said.