Skip to content
Search

Latest Stories

Russian oil sales to India surged over 20 fold, says deputy prime minister

The growth in sales occurred because European buyers looked for other markets following the Russia-Ukraine conflict and Russia redirected its oil exports to India and China

Russian oil sales to India surged over 20 fold, says deputy prime minister

Sales of Russian oil to India increased by more than twenty times last year, Russian deputy prime minister said on Tuesday (28).

This growth in sales occurred because European buyers looked for other markets following the conflict in Ukraine and Russia redirected its oil exports to India and China, Alexander Novak said in comments carried by Russian news agencies.


European Union countries wanted to reduce their dependence on Russian energy supplies after Ukraine war.

In December, the EU imposed a ban on seaborne Russian oil, and a price ceiling was placed on Russian crude oil, as agreed upon by the Group of Seven industrialised powers.

The shift has meant cheaper Russia energy imports for China and India.

"Most of our energy resources were redirected to other markets, to the markets of friendly countries," said Novak.

"If for example we take oil supplies to India, they increased 22 times last year."

Novak, who is in charge of Russia's energy sector, also noted that supplies to China were increasing as a "result of the great work that has been done in the industry."

Russia, a major producer and key ally of the OPEC oil cartel, cut crude production by 500,000 barrels per day this month in response to the Western sanctions.

Novak announced last week that the output reduction, which amounts to five per cent of daily production, would continue through June.

He said the move was part of a response to Western penalties targeting Russia's oil industry that aim to limit Moscow's ability to finance its military.

(AFP)

More For You

Satya Nadella backs £30bn Microsoft push in UK
Satya Nadella
Satya Nadella

Satya Nadella backs £30bn Microsoft push in UK

MICROSOFT CEO Satya Nadella on Wednesday (17) said the American tech giant is “doubling down” on its investments in Britain as US president Donald Trump began his state visit with the launch of a US-UK Tech Prosperity Deal.

The agreement focuses on advancing fast-growing technologies such as artificial intelligence (AI), quantum computing, and nuclear innovation.

Keep ReadingShow less
Jaguar Land Rover’s factory in Solihull, Britain

FILE PHOTO: A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain. REUTERS/Phil Noble

Government steps in as JLR cyber attack stalls output

BRITAIN's largest carmaker, Jaguar Land Rover, said a pause in production due to a cyber attack would now stretch to September 24, extending the stoppage at its plants to more than three weeks.

The luxury carmaker, owned by India's Tata Motors, said it shut down its systems in early September to contain the hack that has severely disrupted its retail and manufacturing operations.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US to discuss trade issues after tariff hike

INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.

India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
Getty Images

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less