Russia Financial News

17.07 / 20:25

Lowe's boost Govt simplifies norms to imports input materials to boost exports

The government on Monday simplified norms for exporters to avail benefits of an advance authorization scheme under which free imports of input materials are allowed. This comes in the backdrop of declining merchandise goods exports that fell for the fifth consecutive month in June amid demand slowdown in the west and China. India’s goods exports slumped over 22% year-over-year in June to hit an eight-month low of $32.97 billion as the value of exports of petroleum products nearly halved in June compared last year when commodity prices were on a boil following the Russia-Ukraine war.

17.07 / 19:21

MET Digital Remark India optimistic of consensus on global tax pact, debt recast

global tax pact, crypto assets, and digital public infrastructure at the two-day meet of G20 finance ministers and central bank governors that began Monday. «There is less acrimony inside the room,» said a person familiar with deliberations. The deliberations are now focussed on knotty issues and efforts are being made to ensure deliverables on key issues for the country's presidency at the meeting.

17.07 / 17:11

Indian ADNOC to supply gas to Indian Oil

Mint had reported that Indian Oil is in talks with ADNOC for long term contracts of LNG supplies. In another development, IndianOil and TotalEnergies Gas and Power Ltd are set to execute a HoA to establish a long term LNG sale and purchase agreement (SPA). Under this long-term contract valid for 10 years starting 2026, TotalEnergies would supply annually upto 0.8 MMT LNG to IndianOil.

17.07 / 17:11

UPS India, Iran plan to route Russia trade through Chabahar

NEW DELHI : India and Iran plan to step up operationalizing the International North South Trade Corridor (INSTC) in a move to boost trade with Russia, according to Mohammad Miri, an advisor to the Chabahar Free Zone in Iran. Following up on earlier agreements, a trial shipment to test trade links from Russia to India will be attempted in the next 6-8 months. The shipment will go through the strategically vital Chabahar Port, while an earlier shipment in 2022 went through the more established Bandar Abbas port.

17.07 / 17:07

UPS India, Iran in new push for trade through Chabahar

17.07 / 17:01

UPS India, Iran to renew push to start trade corridor

17.07 / 16:45

Indian Russian oil turns less sweet for Indian refiners

Russian oil due to slimmer discounts and payment troubles and increase their intake of crude from their traditional Gulf suppliers such as Iraq and the UAE, which are willing to offer increased credit periods, a petroleum ministry official said. The discount on Russian oil has now deeply eroded and so it doesn’t make sense to buy much from Russia, said the official, who didn’t want to be named. The official didn’t give details on the current level of discount.

17.07 / 16:13

Chandrayaan-3: Second orbit-raising manoeuvre performed successfully, says ISRO

The Indian Space Research Organisation (ISRO) has successfully completed raising its second orbit manoeuver of the Chandrayaan-3 spacecraft. “The second orbit-raising manoeuver is performed successfully. The spacecraft is now 41.603 km × 226 km orbit.

17.07 / 15:51

UPS Lowe's FIVE Citizens Harmonic Internationalize the rupee while a BRICS currency loses traction

Earlier this month the Reserve Bank of India (RBI) released a report on the rupee’s internationalization. If our currency is used to settle our export/import transactions, it shifts exchange-rate risk to our counterparts, which is a big plus for our firms. In parallel, there has also been talk about a BRICS (Brazil, Russia, India, China and South Africa) currency along special-drawing-rights lines.

17.07 / 15:51

UPS Provident VISA Strategy MasterCard Long live the slowly dying and unlamented US dollar

A quiet but significant milestone was passed last year. For the first time in decades, by one estimation, the US dollar’s share in international reserves fell below 50%. Stephen Jen, a well-known currency analyst, estimates that the USD fell from about 73% of international reserves in 2001 to less than half in 2022.

17.07 / 15:51

UPS BLOCK Progressive Fighting Yellen’s words on multilateralism hint of G20 trouble

India’s sherpa Amitabh Kant led the discussions of G20 negotiators in Hampi last week to produce a draft Leader’s Declaration for the upcoming G20 Leaders’ Summit in September. To be held in Pragati Maidan, the summit will be the grand finale of India’s Presidency. Prime Minister Narendra Modi is expecting to host US President Joe Biden, and, it is being speculated, President Vladimir Putin, which, if it happens, would open up the possibility for the two sides to come face-to-face first time since Russia invaded Ukraine in February 2022.

17.07 / 15:51

COST UPS Digital Platform Interface Reserve Rupee as a reserve unit has a long way to go yet

Over the weekend, India and the UAE signed pacts to allow settlement of bilateral trade in local currencies and also interlink our Unified Payments Interface (UPI) with the UAE’s Instant Payment Platform (IPP). They also agreed to link payment card switches. Linking UPI with IPP will make transfers of money across the Arabian Sea far easier, a matter of a few keystrokes on a phone.

17.07 / 14:55

Ukraine Russia Deal Russia suspends Black Sea grain deal in blow to global food security

Russia halted an unprecedented wartime deal on Monday that allows 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.

17.07 / 14:49

Deal Russia's grain deal suspension will 'harm millions': White House

Black Sea export of grain from Ukraine «will worsen food security and harm millions,» the White House said on Monday.

17.07 / 14:15

Deal UK says Russia must renew Ukraine grain deal

Russia must renew the Black Sea Grain initiative and commit to its full implementation, a spokesperson for Britain's foreign ministry said on Monday after the Kremlin halted its participation in the grain export deal. «By unilaterally forcing the collapse of the BSGI, Russia has used food as a weapon and is preventing grain reaching those who need it most,» the spokesperson said in a statement.

17.07 / 14:07

COST UPS Provident FIVE Reuters Deal end End of Black Sea grains deal promises pain for Africa's neediest

By Abdi Sheikh and Aaron Ross

17.07 / 13:37

COST UPS Cooper Citizens Continental Europeans Are Becoming Poorer. ‘Yes, We’re All Worse Off.’

Europeans are facing a new economic reality, one they haven’t experienced in decades. They are becoming poorer. Life on a continent long envied by outsiders for its art de vivre is rapidly losing its shine as Europeans see their purchasing power melt away.

17.07 / 12:59

UPS Citi Manufacturing global economy A Buoyant Global Economy Is Starting to Sag

The global economy’s brief run of good luck may be ending. Manufacturing activity is weakening across the world. Europe slid into a mild recession earlier this year.

17.07 / 12:45

UPS Citi Target MET recovery Support China's economy misses growth forecasts, raising odds of more support for its tepid recovery

Fox News contributor Kiron Skinner discusses the U.S. 'lecturing' China, Biden officials taking trips to Beijing and NATO memberships amid the Russia-Ukraine war.

17.07 / 11:47

UPS Target MET Reuters Progressive Fighting Deal Moscow halts grain deal after bridge to Crimea struck

By Guy Faulconbridge

17.07 / 11:31

UPS Fine Pakistan performs a fine balancing act, again

Several media reports of late have said that Pakistan has been supplying weapons to Ukraine for that country’s resistance against the Russian invasion. Most such reports seem to originate from the Indian media but there is the occasional non-Indian source that goes into some detail about such transfers. Pakistan’s defence relationship with Ukraine, over three decades old, is valued at some$1.6 billion but the flow has largely been towards Pakistan, in the form of T-80 UD battle tanks. It is these tanks, and some artillery ammunition, that Pakistan is suspected of sending to Ukraine.

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