Russia Financial News

America's top oilfield services companies sold millions of dollars in vital oil equipment to Russia after the invasion of Ukraine

New Delhi: The Indian crude oil basket which was largely subdued in May and June has witnessed over 4% increase in its average price in July amid global supply concerns. The average Indian crude basket for July stands at $78.22 per barrel, compared to $74.93 a barrel in June. In May, it averaged at $74.98 a barrel as prices eased amid growing concerns of a global slowdown.

Countries of the G20 grouping could not agree on a joint statement at the end of a meeting of their finance ministers and central bank governors, as the grinding war in Ukraine continued to polarize the bloc, which counts Russia, China, and the US as members. “China stated that the G20 FMCBG (Finance Ministers and Central Bank Governors) meeting is not the right forum to discuss geopolitical issues," said the third G20 FMCBG Outcome Document and Chair’s Summary, which was released late on Tuesday. Meanwhile, Russia dissociated itself from the status of the document.

WTO) Bali conference that prevents legal action against any developing nation that breaches the food subsidy limits specified in the agreement on agriculture. At an agriculture negotiation meeting at the WTO on Monday, the US said India’s expansion of support to its rice and wheat farmers has negative spillover effects. India has invoked the clause thrice. “India said that the strongest evidence supporting the necessity of public stockholding was in its own actions during the pandemic, when it mobilised its food stocks and provided food to 80 million people in 18 months’ span,” said a Geneva-based official. Public stockholding is a policy tool used by governments to purchase, stockpile and distribute food when needed. Developing countries’ food subsidies are protected by an interim peace clause which shields food procurement programmes against action from WTO members in case the subsidy ceilings—10% of value of food production in the case of India and other developing countries—are breached.

Ukraine’s failure to secure an invitation to join the North Atlantic Treaty Organization (Nato) during the alliance’s annual summit in Vilnius, Lithuania, has disappointed many, including Ukrainian President Volodymyr Zelensky. But although the summit’s concluding statement did not offer a definitive timetable for Ukrainian accession, it did demonstrate a degree of unity and strategic foresight that would have been impossible had Donald Trump still been president of the US. To be sure, Nato leaders’ promise to extend an official invitation to Ukraine “when Allies agree and conditions are met" was somewhat nebulous, and Zelensky, angered by the ambiguity, criticized the Western position as “unprecedented and absurd." But US President Joe Biden was right to suggest that the war must end before Ukraine is allowed to join.

Military Cooperation of the Indian-Russian Intergovernmental Commission on Military and Military Technical Cooperation (IRIGC-M&MTC) is being held at Manekshaw Centre in Delhi on Tuesday and Wednesday to discuss the issue of spare parts and maintenance issue of Russian origin defence equipment used by India. The meeting is being chaired by Lt Gen Johnson P Mathew, CISC HQ IDS from the Indian side and Lt Gen Dylevskii Igor Nikolaevich, Deputy Chief of the Main Operational Directorate of the General Staff of the Armed Forces of the Russian Federation from the Russian side.

food security has been imperiled by the stopping of the concession to allow exports of food and fertilizer from Ukrainian ports to the rest of the world, said Pradeep S. Mehta, Secretary General of CUTS International. Mehta said that the Initiative on the Safe Transportation of Grain and Foodstuffs from Ukrainian Ports, popularly known as the Black Sea Grain Initiative, was signed by Türkiye, the Russian Federation and Ukraine in late July 2022.

U.S. attempts to foster closer military integration among allies are extending into space. The U.S.

Mint last week that India and the UAE have concluded a mutual recognition agreement of the AEO programme and that India is in discussions with the Russian Federation for a mutual recognition agreement or MRA. Signing MRAs is a key element of India’s efforts to step up ease of doing business in international trade. Revenue secretary Sanjay Malhotra told Mint on Saturday that simplification of taxation and facilitation of tax payers will remain a priority for the government.

By Mike Stone

Brics (Brazil, Russia, India, China, South Africa) forum. “We have not signed any official contracts and partnerships so far. However, next year, we’ll be discussing this on the platform of Brics.

Russia's FSB security service said on Tuesday it had arrested a Russian woman it suspected of collecting information on a «critical infrastructure facility» at the order of Ukraine's intelligence services. It did not name the facility, but a surveillance video which Russian media said was taken by the FSB showed the suspect using her phone to film near a hydroelectric power plant in the town of Uglich in Russia's Yaroslavl region north of Moscow. She is then shown being arrested in her office by masked FSB and police agents. A court on Saturday ordered the suspect to be detained for two months, the RIA news agency reported. Baza, a Russian news outlet which sometimes publishes material from the FSB, released a message exchange between the suspect and a purported Ukrainian coordinator in which the woman agrees to supply the map coordinates of local railway lines, military recruitment offices and the hydroelectric plant. In the exchange, the authenticity of which Reuters was not able to verify, the suspect writes of wanting Ukrainian drones to strike deep inside Russia in order to undermine support for President Vladimir Putin.

Also read: These are the listed companies behind the successful launch of Chandrayaan 3 mission; do you own any? China's Shenzhou spacecraft can transport up to three astronauts to low-Earth orbit that is based on Russia's Soyuz. It consists of a life-support and propulsion module, a re-entry capsule for their return to earth and an in-orbit module for short-term human habitation.

The Economist spoke to Mr Kissinger for over eight hours about how to prevent the contest between China and America from descending into war. These days he is stooped and walks with difficulty, but his mind is needle-sharp. As he contemplates his next two books, on artificial intelligence (AI) and the nature of alliances, he remains more interested in looking forward than raking over the past.

Taiwan is looking to buy National Advanced Surface-to-Air Missile Systems, or NASAMS, from the United States to upgrade its air defence capabilities having seen how well they work in Ukraine, the island's defence minister said on Tuesday. China, which claims Taiwan as its own territory, has stepped up military and political pressure over the past three years to try to force the democratically governed island to accept Beijing's rule. NASAMS have been provided by the United States for use in Ukraine, with USA officials saying they have had a 100% success rate in intercepting Russian missiles. The system, developed and built by Raytheon Technologies and Norway's Kongsberg Gruppen is a short- to medium-range ground-based air defence system that protects against drone, missile, and aircraft attack, which both Canada and Lithuania have also bought, or are buying for Ukraine. Asked on the sidelines of parliament about Taiwan buying NASAMS, Defence Minister Chiu Kuo-cheng said «certainly» there was a proposal to get them.

India's masoor/lentil dal imports are set to soar as this cheaper substitute is being used to replace arhar/pigeon peas in sambar and dals at restaurants, dhabas and canteens. Being 60-70% cheaper and comparable in taste and texture to arhar, masoor has become a popular substitute for arhar in institutional setups. When eating dal or sambar at a restaurant, the chances are high that it is made either fully or partially using masoor dal instead of the traditional recipe of using arhar dal.

Lt. Commander Tim Gorman told Financial Times that the Department of Defence “is aware of this issue and takes all unauthorised disclosures of controlled national security information or controlled unclassified information seriously".

Reliance Industries Ltd (RIL) will consider paying a dividend to its investors, along with its financial results for the first quarter ended June on Friday. «We wish to inform you that at the Board meeting scheduled on July 21, it is proposed to recommend a dividend on equity shares of the company for the financial year ended March 2023,» the company said in a filing. The latest dividend, if approved by the Board, will be for FY23 and a first in nearly a year.

Russia on Monday halted a breakthrough wartime deal that allowed grain to flow from Ukraine to countries in Africa, the Middle East and Asia where hunger is a growing threat and high food prices have pushed more people into poverty.Kremlin spokesman Dmitry Peskov said the Black Sea Grain Initiative would be suspended until demands to get Russian food and fertilizer to the world are met. An attack Monday on a bridge connecting the Crimean Peninsula to Russia was not a factor in the decision, he said. «When the part of the Black Sea deal related to Russia is implemented, Russia will immediately return to the implementation of the deal,» Peskov said.

On Sunday, the Turkish ship TQ Samsun left the port of Odesa in Ukraine carrying 23,500 metric tons of corn and 15,300 metric tons of rapeseed to the Netherlands under the final hours of the Black Sea grain deal.

Investing.com — Just when OPEC thought it had it all, it appears it didn’t.