Russia Financial News

By Idrees Ali and Phil Stewart

₹6,943/bbl on the multi commodity exchange (MCX). Also Read: Oil market oversupplied with record-high US output, Brent seen at $87-$92 for 2024: ShareKhan's Mohammed Imran -In Russia, exports are rising after Ukrainian drone attacks on the country's oil infrastructure putting pressure on oil prices. Traders assessed how Ukraine's recent attacks on Russian refineries would affect global petroleum supplies.

The European Union's top diplomat says he's pressing ahead with a plan to use the profits generated from billions of euros of Russian assets frozen in Europe to help provide weapons for Ukraine

gas production, India’s dependency on imported LNG or liquefied natural gas, which stood at 53% of total consumption in FY21, has gradually declined over the last three years and is expected to remain at around 45% by FY26, said CareEdge Ratings in a report on Tuesday. The higher demand for natural gas in the country is also expected to be supported by sizeable growth in domestic gas production wherein nearly 30 MMSCMD (million metric standard cubic meters per day) of new domestic natural gas production has gradually come on stream over the last three years and another around 15 MMSCMD of new domestic natural gas production is expected to come on-stream during FY25. “With greater thrust of the Government for transitioning towards cleaner fuel, there was a steady growth in natural gas consumption till FY20. However, due to the impact of the Covid-19 pandemic and sharp increase in imported LNG prices due to the geopolitical situation, there had been a decline in natural gas consumption during FY21 and FY23 respectively," said Hardik Shah, Director at CareEdge Ratings.

Also Read: Oil prices rise amid attacks on Russian energy facilities, brent crude at $86/bbl On Monday Iraq announced its intention to reduce crude exports in the coming months by over 100,000 barrels per day compared to the previous month, aiming to counter any increase above its OPEC+ quota recorded in January and February. Iraq remains committed to the voluntary cuts established with the OPEC+ coalition, which have been extended into the second quarter. On the other hand, ongoing Ukrainian drone attacks targeting Russian oil refineries are exacerbating concerns about supply stability.

US sanctions crimped trade with Russia and forced processors to look elsewhere for supply. State-owned Bharat Petroleum Corp. and Indian Oil Corp., along with top private refiner Reliance Industries Ltd., have purchased about 7 million barrels of April-loading US crude so far this month, said traders who asked not to be identified.

democracy, as some officials attending a global summit accused Russia and China of conducting malicious propaganda campaigns. Speaking at the opening of the Summit for Democracy in Seoul, Yoon said countries had a duty to share experiences and wisdom so that artificial intelligence and technology could be employed to promote democracy.

SINGAPORE (Reuters) -Oil prices dipped on Tuesday due in part to the prospect of rising supply from Russia, slower-than-expected downstream demand in sectors such as jet fuel, and cautious trading ahead of the Fed's decision on U.S. interest rates.

The Russian government is planning to build a platform that will allow the nation’s law enforcement agencies to seize and hold crypto they confiscate from criminals.

Investing.com-- Oil prices hovered near a 4-½ month high in Asian trade on Tuesday as softer exports from Iraq and Saudi Arabia furthered the notion of tighter markets this year, although sentiment remained on edge before a Federal Reserve meeting. 

By Arathy Somasekhar

S Jaishankar. It is important to note that the India-Ukraine inter-governmental commission—established in April 1994—oversees all aspects of the bilateral relationship including trade, economic, scientific, technological, industrial and cultural cooperation. The Ukrainian foreign minister’s India visit has yet not been officially announced by either of the countries, though he is expected to be in New Delhi around March 28, the report said.

ALSO READ: Wall Street week ahead: All eyes on Federal Reserve’s interest rate decision Tesla jumped 2.8 per cent after the electric carmaker announced that it would raise the price of its Model Y EVs in Europe. Nvidia advanced 3.8 per cent as the chipmaker kicked off its annual developer conference on Monday. Micron Technology and Intel rose 2.3 per cent and 1.1 per cent, respectively.

Europe isn’t where American investors usually turn for growth, but the defense sector is a somewhat depressing exception these days. After years in relative obscurity, stocks such as Germany’s Rheinmetall and Sweden’s Saab rallied when Russia invaded Ukraine in 2022. There was a lull last summer when Ukraine was making good progress on the battlefield, but this winter they have rocketed again.

Vladimir Putin sealed his control over Russia for six more years on Monday with a highly orchestrated landslide in an election that followed the harshest crackdown on the opposition and free speech since Soviet times. While the result was never in doubt, Russians attempted to defy the inevitable outcome, heeding a call to protest Putin's repression at home and his war in Ukraine by showing up at polling stations at noon on Sunday. But from the earliest returns, it was clear Putin would extend his nearly quarter-century rule with a fifth term.

The commodity trading industry reaped its second-best year ever in terms of profits, banking over $100 billion and building up a mountain of cash to spend on assets and breaking into new markets.

WARSAW (Reuters) — Polish farmers blocked two border crossings with Germany on Monday, local police said, as protests against European Union environmental regulations and cheap imports sweep the bloc.

NEW DELHI : Russia remained the top supplier of oil to India in January, accounting for nearly a third of the crude brought into the country, according to data from the commerce ministry. At $4.47 billion, the value of the crude oil supply from Russia jumped 41% year-on-year. Sequentially, crude imports from that country increased 14% from $3.92 billion in December 2023, the data showed.

The Russian crypto mining industry could be set for a $4 billion boost, representatives claimed at a media event in Irkutsk, Siberia.

Vladimir Putin seized Crimea from Ukraine, a bold land grab that set the stage for Russia to invade its neighbor in 2022. The quick and bloodless seizure of the diamond-shaped peninsula, home to Russia's Black Sea fleet and a popular vacation site, touched off a wave of patriotism and sent Putin's popularity soaring. «Crimea is ours!» became a popular slogan in Russia. Now that Putin has been anointed to another six-year term as president, he is determined to extend his gains in Ukraine amid Russia's battlefield successes and waning Western support for Kyiv.

By Colleen Howe