August 20, 2025: The United States has accused India of making huge profits from buying discounted Russian oil during the ongoing Ukraine war. Treasury Secretary Scott Bessent said India is purchasing cheap Russian crude, refining it, and then selling it abroad for a big profit. Speaking on CNBC’s Squawk Box, Bessent called the practice “profiteering” … Read more
Washington: U.S. President Donald Trump has issued a second warning to India within 24 hours, announcing plans to impose additional tariffs on Indian goods in response to New Delhi’s continued oil imports from Russia. He stated that the existing 25% tariff would be further increased, citing India’s continued purchase of oil from Russia as a … Read more
A Ukrainian drone attack late Friday night caused a fire in Russia’s Kaluga region, south of Moscow. Social media videos showed an oil storage depot engulfed in flames. Kaluga Governor Vladislav Shapsha confirmed on Telegram that the fire broke out at an industrial site in the city of Lyudinovo. Later, he reported that seven drones … Read more
India’s oil minister stated that global oil prices “would have hit the roof” if India hadn’t continued buying oil from Russia after the Ukraine war began. He emphasized that India will source oil based on the best prices available. India, the world’s third-largest oil importer, is now the top buyer of discounted Russian oil, which … Read more
Russia’s Defense Ministry reported shooting down seven Ukrainian drones over Russian territory overnight. The strikes in the Donetsk region resulted in the deaths of five civilians and injuries of 15 more. Russian shelling wounded additional civilians, including children, in the east and south. On Sunday, Ukraine reported that it struck an oil depot in southern … Read more
Imports of Russian crude have halted due to excessive furnace oil in the refining process, says the National Daily. The report highlights the drawbacks of Russian crude: more furnace oil, less kerosene, and jet fuel. Russian oil’s viability depends on stable prices amid a global oil increase, yet this prospect appears unlikely. The import of … Read more
ISLAMABAD: Pakistan has imported Russian oil but the price of petroleum will not be much cheaper per litre than already available in Pakistan, despite the government’s great aspirations. According to reports, Pakistan will gain from Russian crude oil to the tune of $7-8 million for every 100,000 tonnes, as opposed to Middle Eastern oil. For … Read more
G7 has decided to evaluate the price ceiling on Russian oil exports. The price was set to a maximum of $60. There are two objectives to the price ceiling of oil. According to the US Treasury, the Group of Seven (G7) authorities have decided to evaluate the price ceiling on Russian oil exports in March … Read more
This follows an EU ban on Russian crude oil that is being delivered by sea. Poland and Germany have outlawed this route’s use since the new year. This comes at the same time as the ban was put into effect. As Berlin ramps up its efforts to wean itself off of Moscow’s exports as a … Read more
Just hours before fresh Western sanctions on Russian crude shipments take effect, OPEC and its allies voted on Sunday to maintain their current strategy of limiting oil production. A restriction on importing Russian oil by sea into Europe goes into effect, adding more uncertainty to the outlook for energy supply. The G7 countries, the European … Read more
G7 nations agree to impose a price cap on Russian oil. Aim is to limit Moscow’s ability to fund its war in Ukraine without escalating global inflation. The maximum price would be set by “a broad coalition” of countries. Russia has threatened to retaliate against countries that impose price controls. The world’s largest economies agreed … Read more
US will “accelerate” discussions on how to establish a price cap on Russian oil. Discussions are underway with countries around the world to determine if such a mechanism could be implemented by the end of the year when a near-total ban on Russian imports goes into effect in Europe. Those in favor of a price … Read more
G7 prepared to consider energy price restrictions to limit Russian earnings. Leaders will examine the “feasibility” of placing temporary price controls on energy imports. A US-led campaign for a cap on the price of Russian oil has received support from G7 countries in recent months. During a conference that has been overshadowed by fears of … Read more
Sri Lanka to send ministers to Russia and Qatar to try to secure cheap oil. The cash-strapped government says it is almost out of fuel. Government extends closure of non-essential state institutions to save fuel. Fuel reserves are sufficient for less than two days’ usage, the minister says. About 1.7 million residents need “life-saving assistance”, … Read more
EU leaders are suspicious of US push for a price ceiling on oil. The idea aims to prevent the Kremlin from pocketing sky-high oil income. EU will reduce imports of Russian oil by 90% by the end of the year, says Ursula von der Leyen. As they prepared for a G7 discussion on the matter, EU … Read more
Sovcomflot is a key shipper of Russian oil and liquefied natural gas (LNG) cargoes globally. Western insurers halted insurance cover for Russia’s biggest shipping group hit by sanctions. Russian replacement cover would likely be enough to keep Russian vessels sailing. “Technically, we meet all international trade requirements,” CEO Igor Tonkovidov told reporters. Russia’s state-run Sovcomflot … Read more
Brent crude futures were up $1.80, or 1.5%, at $121.52 a barrel at 2319 GMT. OPEC+ agreed to accelerate output increases over the next two months. U.S. West Texas Intermediate (WTI) was also up 1.4% at $120.50 a barrel. Oil costs rose more than $2 in early exchange on Monday after Saudi Arabia raised costs … Read more
Industrie De Nora aims to complete the share offering in June. It would be the first major IPO in Milan since Russia invaded Ukraine on Feb 24. The group reported revenues of 616 million euros ($660.23 million) with a core profit of 127 million euros in 2021. Italy’s Industrie De Nora, which makes parts to … Read more
OPEC+ meets in Vienna to discuss output after EU ban on Russian oil imports. Analysts had expected OPEC+ to stick to their policy. OPEC’s de facto leader has given no indication it is inclined to open the valves. Major oil producers led by Saudi Arabia and Russia began talks Thursday on whether to adjust output, … Read more
For 2021, the board recommends a price of 41.66 rubles per share. It’s possible that foreign investors will have trouble being paid. Rosneft PJSC, Russia’s oil powerhouse, promised record dividends as oil prices rise, however some overseas investors may struggle to get the payout. The board recommended 23.63 rubles per share, bringing full-year dividends to … Read more
President Vladimir Putin may need to rely even more on China and India should the European Union prohibit imports of Russian oil, as there are few other Asian buyers capable of processing the sort of crude Europe generally buys. EU leaders have agreed to seek a partial ban on Russian crude oil carried by sea, … Read more
Russian forces advanced toward the city centre of Severodonetsk in eastern Ukraine on Monday, as President Volodymyr Zelensky prepared to address EU leaders at an emergency conference where a ban on Russian oil imports is on the table. Zelensky is expected to press EU officials at the summit “to kill Russian exports” as he seeks to crank … Read more
Cash-strapped Sri Lanka received Russian oil on Saturday to restore operations at the country’s lone refinery, which might soon be subject to a European embargo, according to the energy minister. The island nation is suffering its worst economic meltdown since independence, with shortages of fuel and other vital goods making life miserable for its 22 … Read more
France’s new foreign minister expressed confidence in a proposed EU sanctions plan that would prohibit Russia from importing oil. Despite Hungary’s Prime Minister Viktor Orban stating that he would not be ready to debate them next week, this has happened. “We must adopt the sixth package of sanctions as soon as possible to ensure the … Read more
Russian fuel still being purchased from UK supermarkets after announcing ban on Russian products Grocery stores that have made a demonstration forbidding vodka and other Russian items keep on selling the nation’s fuel. Big haulers from Tesco, Sainsbury’s, Asda, and Morrisons have been recorded topping off at an Essex terminal this week following the appearance … Read more
Asian equities have been frequently up Friday following a tumultuous trading period on Wall Street, but analysts said the outlook remained bleak as inflation, the Ukraine battle and Chinese lockdowns weigh on sentiment. World markets have been risky for plenty of 2022, with investors fretting approximately supply chain snarls due to China’s Covid curbs and … Read more
The entire G7 membership of wealthy international locations is “committed to phasing out or banning the import of Russian oil,” the White House said Sunday, escalating stress on President Vladimir Putin over the invasion of Ukraine. “This will hit hard at the main artery of Putin’s economy and deny him the revenue he needs to … Read more
The European Union’s govt unveiled Wednesday plans for a gradual ban on Russian oil imports as part of a raft of new sanctions to punish Moscow for invading Ukraine. The European Commission also proposed slapping sanctions on Russia’s biggest bank and on Patriarch Kirill, the top of the Russian Orthodox Church. If approved by member states, the oil ban … Read more
