Russia Financial News

India's oil imports in October hit a 10-month high as refiners bought more crude from Saudi Arabia and the United Arab Emirates after discounts narrowed for Russian oil that month, trade data showed. Russia's share of the Indian market in October slipped to the lowest in nine months, according to Reuters calculations based on ship tracking data from trade sources. India, the world's third-biggest oil importer and consumer, typically relies on producers in the Middle East for most of its oil needs and has encouraged refiners to diversify to cheaper alternatives to cut costs. The South Asian nation has emerged as the top buyer of the Russian seaborne oil sold at a discount after Western nations stopped buying from Moscow following its invasion of Ukraine. India imported about 4.7 million barrels per day (bpd) of crude in October, up 8.4% from the previous month as refiners increased purchases to meet higher local fuel demand during the festive season, the data showed. Imports from Saudi Arabia and the United Arab Emirates jumped to a 7-month high, up about 53% and 63% respectively in October from the previous month, the data showed. That helped lift the share of the producers in the Organization of the Petroleum Exporting Countries to 54% in October, up from 50% in September, according to the data. India imported on average 1.56 million barrels per day (bpd) of Russian oil in October, up 1.2% from the previous month, the data showed. Despite the increase, Russian oil's share in India's October imports slipped to 33% from 35% in September. Russia was the top oil supplier to India in April to October, the first seven months of this fiscal year to March 2024, followed by Iraq and Saudi Arabia. Higher intake of

North Korea said Wednesday it had succeeded in putting a military spy satellite in orbit after two previous failures, as the United States led its allies in condemning the launch as a «brazen violation» of UN sanctions. A rocket carrying the satellite blasted off Tuesday night from North Phyongan province and «accurately put the reconnaissance satellite 'Malligyong-1' on its orbit», state-run news agency KCNA reported. Images in state media showed North Korean leader Kim Jong Un smiling and waving, surrounded by white-uniformed scientists and engineers who cheered and clapped after watching the successful blastoff. The United States led condemnation of the launch, saying it was a «brazen violation» of UN sanctions, while South Korea responded by partially suspending a 2018 military deal with the North, saying it would resume surveillance operations along their border. Japan said that Pyongyang's claims of success could not immediately be independently verified. Tokyo is still analysing the launch and «at this point is not confirming whether the satellite had entered into an orbit around the Earth», chief government spokesman Hirokazu Matsuno said. North Korea's previous efforts to put a spy satellite into orbit in May and August both failed.

Narendra Modi is set to chair The G20 virtual summit today on November 22, amid growing international concerns due to the Israel-Hamas war and shaky diplomatic relations with Canada. Significantly, Canadian Prime Minister Justin Trudeau has confirmed attendance at the event. This would be Trudeau's first virtual interaction with Modi since the two countries' relationship turned sour.

Poland is expected to receive more than 5 billion euros ($5.5 billion) in EU funds after the European Commission gave a positive assessment of the country’s revised plan for green reforms and investments

Britain’s Conservative government will try to win favor with voters by cutting taxes but avoiding worsening inflation in a budget statement

G20 Leaders' Summit, as stated by the Chinese Foreign Ministry. Meanwhile, China expressed its hope that the virtual summit will facilitate the gathering of consensus and convey a positive message in this regard.

Cost of Living LIVE November 22: The cost of living is basically the amount of money one needs to survive in a given place - and one's most essential needs such as food, water, housing, taxes, cost of commute, healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket.

Google Doodle today highlighted the Netherlands' National Elections 2023, which is set to take place on November 22, 2023. This comes after Dutch Prime Minister Mark Rutte earlier this year said he is retiring from politics after a 13-year long term leading the country. The decision is significant and was seen as "shocking" as Rutte has been dubbed 'Teflon Mark' for his longevity in politics.

Prime Minister Narendra Modi will host the virtual G20 Leaders' Summit on Wednesday evening, marking a significant convergence of global leaders. As reported by ANI, the summit will include the participation of leaders from all G20 member countries, the Chair of the African Union, and representatives from nine guest countries, along with the heads of 11 international organizations—all of whom have been extended invitations to attend.

Russia’s pivot to the Global South, Western, South and Central Asia is strategic and long-term. While Moscow’s partnership with New Delhi has deep mental and cultural roots, Russia-China ties does not have dimension of a military alliance, Prof. Alexander Dynkin, President of IMEMO (Russia’s top think tank) & leading economist tells ET’s Dipanjan Roy Chaudhury ahead of Primakov Readings (Russia’s premier foreign policy forum) in Moscow on October 27-28.

Binance and its founder Changpeng"CZ" Zhao has admitted to violating United States laws around money laundering and terror financing — agreeing to pay $4.3 billion in fines

Russian President Vladimir Putin will attend the extraordinary virtual G20 Leaders’ Summit hosted by India on Wednesday, the Kremlin said on Tuesday.

₹6,470 per bbl, having swung between ₹6,420 and ₹6,500 per bbl during the session so far, against a previous close of ₹6,543 per barrel. Also Read: Crude below $80/barrel to support OMCs in near-term; ONGC, Oil India key beneficiaries of high prices -Between now and the weekend meeting, traders will get fresh insights into US fundamentals with the release of official figures on crude and product stockpiles. Nationwide crude inventories have expanded for the past four weeks to the highest since August.

Investing.com — Oil prices retreated Tuesday, handing back some recent gains amid caution ahead of the weekend’s eagerly-awaited meeting of a group of top producers. 

Brumm has more than 20 years’ experience in infrastructure private equity and joins BNPP AM after spending three years as a partner at Antin Infrastructure Partners.

₹7.9per litre compared to the historical margin of ₹3.5/litre and gross auto-fuel integrated margin has risen to ₹16.8/litre compared to the historical margin of ₹11.3/litre. ‘’Optimism on OMCs will be contingent on crude sustaining below ~$80/bbl with OMCs’ FY24 P/B valuations (at ~0.9x for HPCL/IOCL and 1.1x for BPCL) being only 10 per cent discount to historical average after recent rally,'' said JM Financials.

By Alex Lawler

News18. ALSO READ: India hopeful of ‘positive outcome’: MEA on appeal to free ex-navy men in Qatar The report added that the missile may have a range of 500 kilometres which is greater than the range of 350-400 kilometres offered by the supersonic Indo-Russian cruise missile BrahMos.

One of Russia’s biggest banks says international crypto exchanges such as OKX, Bybit, and Bitstamp are “cooperating with Russian arbitration managers” in bankruptcy investigations.

general elections next year, elevated valuations, a rush in the primary market, and a significant increase in midcap and small-cap share prices have meaningfully changed the investment dynamic. Further, on top of the Russia-Ukraine war, the world is now closely watching the Israel-Hamas conflict and its possible spillover on commodity prices and global inflation. While the Israel-Hamas conflict is still confined to this region and probably not escalating much because of the intervention of the other developed nations, globally, investors have started to price in higher geopolitical risk.

Cost of Living LIVE November 21: The cost of living is basically the amount of money one needs to survive in a given place - and one's most essential needs such as food, water, housing, taxes, cost of commute, healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket.