Russia Financial News

Ukraine to export grain through the Black Sea, criticising what Moscow says are obstacles to its export of agricultural products.

Prime Minister Narendra Modi chaired a virtual summit of the Shanghai Cooperation Organisation on Tuesday, highlighting India's contribution to the group over the past six years. He also stressed the need for the member nations to work together to eliminate the menace of terrorism.

President Vladimir Putin says that the Russian people were “united as never before” as he sought to project confidence in the wake of a short-lived revolt at a meeting of a rare international organization where he can find a sympathetic audience

Also Read: Explained | What does Saudi's oil output cut mean for India? Oil marketing companies had suffered significant losses in the first half of fiscal 2022-23 on high crude oil prices as a result of the Russia-Ukraine war. OMCs did not significantly increase retail prices last year even after crude reached a peak of $140 per barrel in March 2022. Due to this, the oil refiners registered losses as petrol and diesel rates have been unchanged since April 2022.

Also Read: Decoding the dilemma behind escalating cooking oil imports But lower imports in May and the price correction encouraged Indian buyers to increase purchases in June, Sandeep Bajoria, CEO of Sunvin Group, a vegetable oil brokerage and consultancy firm told Reuters. Price-sensitive Asian buyers typically rely on palm oil because of the low cost and quick shipping times.

Vladimir Putin claimed Tuesday that the Russian people were «united as never before,» as he sought to project confidence in the wake of a short-lived revolt, at a meeting of a rare international organization where he can find a sympathetic audience. The Shanghai Cooperation Organization meeting, hosted via videoconference by India, was Putin's first multilateral summit since an armed rebellion rattled Russia and comes as he is eager to show that the West has failed to isolate Moscow over its 2022 invasion of Ukraine.

The leaders of the Netherlands and Luxembourg have said that normalizing ties between Kosovo and Serbia would serve not only regional peace and stability but also their prospects of further integration into the European Union

The European Union's climate chief has expressed concern over the expansion of China's coal industry, with the building of new coal-fired plants

Global stock markets are mostly higher after Australia's central bank kept its key lending rate unchanged and Wall Street hit a 15-month high

The Russian military says it has fended off a Ukrainian drone attack on Moscow that prompted authorities to briefly close one of the city's airports

Saudi Arabia and Russia are extending cuts to the amount of oil they pump to the world to try to prop up prices

BEIJING — Chinese President Xi Jinping said Tuesday that Beijing opposes «decoupling and breaking links,» according to a CNBC translation of a Chinese-language state media readout.

Investing.com — Oil prices traded higher Tuesday as the decision by a series of top producers to cut supply has boosted sentiment, overshadowing concerns over slowing manufacturing activity.

By Natalie Grover

Vladimir Putin reassured Asian leaders of Russia's stability and unity on Tuesday in his first appearance at an international forum since the country was rocked by a brief armed mutiny last month. «The Russian people are consolidated as never before,» Putin told a virtual meeting of the Shanghai Cooperation Organisation (SCO), a group that also includes China and India. «Russian political circles and the whole of society clearly demonstrated their unity and elevated sense of responsibility for the fate of the Fatherland when they responded as a united front against an attempted armed mutiny.» Putin's emphasis on Russia's unity at a meeting with key allies appeared to show how keen he is to remove any doubts about his own authority on the world stage after the short-lived mutiny led by Wagner mercenary founder Yevgeny Prigozhin late last month. Wagner fighters took control of a southern city and advanced towards Moscow on June 24, confronting Putin with the gravest challenge to his hold on power since taking over as Russia's paramount leader on the last day of 1999.

Indian Oil Corporation has been appointed to the board of Rosneft in a fresh sign of growing energy ties between India and Russia. G K Satish, who served as Indian Oil’s planning and business development chief between 2016 and 2021, has been appointed to the Rosneft board along with 10 other members, the Russian firm said in a statement. The Rosneft board includes five independent directors, including Satish and a representative each from Qatar and the Philippines.

Xi Jinping urged Russian, Iranian and other leaders on Tuesday to work towards safeguarding «regional peace» as he addressed a virtual summit of their Shanghai alliance. Xi «called for efforts to safeguard regional peace and ensure common security», state news agency Xinhua said, adding that he urged member states of the Shanghai Cooperation Organisation to «follow the right direction and enhance their solidarity and mutual trust».

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Shanghai Cooperation Organization (SCO) summit, Prime Minister Narendra Modi said that countries need to respect territorial integrity. «We do not see the SCO as an extended neighbourhood, but rather as an extended family. Security, economic development, connectivity, unity, respect for sovereignty and territorial integrity, and environmental protection are the pillars of our vision for SCO,» PM Modi said.

RBI surveys point to healthy demand traction in Q1, which along with lower commodity prices (LME metal index down 17% year-on-year and Brent crude oil down by 30% year-on-year), is likely to result in mid-teen corporate earnings," said analysts at Antique Stocking Broking Ltd in a report dated 3 July. “Most of the sectors are likely to report in-line earnings, with a positive surprise likely in store for oil & gas (due to Russian blending and GRM) and cement (driven by strong volume growth)," it added.

By Libby George