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A view shows a tank, which was destroyed during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine May 20, 2022. (REUTERS/Alexander Ermochenko) KYIV/OSLO — Russia stopped providing gas to Finland in an escalation of a row over energy payments with the West on Saturday and intensified an offensive in the Donbas region of eastern Ukraine. After ending weeks of resistance by the last Ukrainian fighters in the strategic southeastern city of Mariupol, Russia is waging what appears to be a major offensive in Luhansk, one of two provinces in Donbas. Russian-backed separatists already controlled swathes of territory in Luhansk and the neighboring Donetsk province before the Feb. 24 invasion, but Moscow wants to seize the last remaining Ukrainian-held territory in Donbas. The end of fighting in Mariupol, the biggest city Russia has captured so far, could be crucial to that ambition and gives Russian President Vladimir Putin a rare victory after a series of setbacks … [Read more...] about Russia cuts gas flow to Finland, intensifies push for Donbas

Crude oil price has rocketed upward since Russia launched its invasion of Ukraine on Feb. 24 (Image: Reuters) India is in talks with Russia over a deal to buy oil at discounted rates, the chairman of India's state-run Hindustan Petroleum Corp. said on Thursday, at a time when much of the West is shunning Russian crude over the conflict in Ukraine. India, the world's third biggest oil importer and consumer, is struggling like much of the rest of the world with inflation at multi-year highs, and is keen to cut its import bill and protect consumers from soaring fuel prices. The country has already bought more than twice as much crude from Russia since Moscow's invasion of Ukraine on Feb. 24 as it did in the whole of 2021, according to Reuters calculations, with sources saying Indian buyers were getting discounted prices. Also Read: India buying Russian oil: I will put my country's national interest, energy security first: FM Sitharaman But the comments from HPCL … [Read more...] about Indian government in talks with Russian over cut-price oil deal: HPCL

Representative image Oil prices continue to surge over fears of supply disruption as Russia faced collective sanctions from the US and allies following its invasions of Ukraine. On March 2, Brent crude futures rose by as much as $8 and touched $113.02 a barrel, the highest since June 2014, before easing to $111.75, news agency Reuters reported. Such elevated prices have wide ramifications for India, given that about 85 percent of the crude processed by domestic refiners is imported. High prices can put upward pressure on inflation, increase the cost of inputs for various industries, make transportation expensive, raise the import bill and lead to deterioration of the current account. The Economic Survey of 2021-22 had flagged the risk of imported inflation, arising from elevated global energy prices but the Budget for 2022-23 and the Reserve Bank of India’s monetary policy committee have taken a relatively benign view on crude oil prices—they have estimated that it would … [Read more...] about Crude hovers around $110, India has a lot to worry about

The capture of Mariupol would represent the Kremlin’s biggest victory yet of the war in Ukraine. It would help Moscow secure more of the coastline, complete a land bridge between Russia and the Crimean Peninsula, which Russia seized in 2014, and free up more forces to join the larger and potentially more consequential battle now underway for Ukraine’s eastern industrial heartland, the Donbas. (Image: AP) The Ukrainian forces who made a determined last stand in a Mariupol steel mill against Russian troops were a mixture of seasoned soldiers, border guards, a controversial national guard regiment and volunteers who took up arms in the weeks before Russias invasion. As Russia announced it had completed its takeover of Mariupol with the surrender of the fighters who served as the final obstacle, Ukraine's government did not confirm the city's fall. Earlier in the week, Ukrainian officials said its combantants in the Azovstal steel plant had completed their mission and were being … [Read more...] about Explainer: Who were Mariupol’s last defenders?

United States President Joe Biden U.S. President Joe Biden and his new South Korean counterpart will search for ways on Saturday to break a diplomatic stalemate with North Korea, as they worry Kim Jong Un could lash out with new nuclear tests. Biden and Yoon Suk-yeol will meet in Seoul for their first diplomatic engagement since the South Korean president’s inauguration 11 days ago. The friendly encounter between allies is clouded by intelligence showing North Korean leader Kim is prepared to launch nuclear or missile tests. A senior Biden administration official told reporters on Saturday that the two leaders will discuss nuclear cooperation and that Washington remains ready for diplomacy with North Korea. "It is very much our desire that we find ways to have a diplomatic approach,” the official said. ”We have made very clear we’re prepared to talk to them, and with no preconditions, and we’re also prepared to take steps to address their domestic challenges, including … [Read more...] about North Korea nuclear threat tops agenda for Biden-Yoon meeting in South Korea

Finance Minister NIrmala Sitharaman | Illustration: Moneycontrol India has already started buying oil from Russia, since it has come at a discount at a time when the country needs it, Finance Minister Nirmala Sitharaman has said. "We have received quite a number of barrels. I would think about 3-4 days of (national) supply. I would put my country's national interest and energy security first," Sitharaman said at the 17th edition of the CNBC-TV18 India Business Leaders Awards. If fuel is available at a discount, why shouldn't India buy it, the finance minister stressed. Sitharaman's comments come on a day when Russian Foreign Minister Sergey Lavrov is in New Delhi to discuss a range of issues, among which India's oil purchases from Russia, and a new proposed Rupee-Rouble trading mechanism, figure majorly. However, Sitharaman said the global economic climate has been impacted by the Ukraine crisis and that she was entering the new financial year with 'cautious optimism'. … [Read more...] about India buying Russian oil: I will put my country’s national interest, energy security first: FM Sitharaman

US President Joe Biden (File image: Reuters) US President Joe Biden said Saturday that any potential meeting with North Korea's leader would depend on whether Kim Jong Un was "sincere". Biden, who is in Seoul for his first trip to Asia as president, told a joint press conference with South Korean President Yoon Suk-yeol that a meeting with Kim "would depend on whether he was sincere". Biden's predecessor Donald Trump met Kim for a round of high-profile diplomacy, but talks collapsed in 2019. Kim has since doubled down on his programme of military modernisation, and Pyongyang has conducted a blitz of sanctions-busting weapons tests this year, including firing an intercontinental ballistic missile at full range. Biden's Asia tour, aiming to shore up economic and security ties with regional allies, has been overshadowed by the threat of a North Korea weapons test. Close The United States and South Korea have been warning for weeks that the North could carry … [Read more...] about Biden says any meeting with North Korea’s Kim depends on sincerity

Petrol and diesel prices are expected to rise as the polls for the Assembly elections in five states including Uttar Pradesh come to an end. (Representative Image) Excise duty has to be reduced by Rs 10-12 on diesel and petrol, former finance secretary said, saying there was no other choice before the government to protect the consumer from rising global crude as the end to the fuel price looms. “(Tax) revenue will fall. No way retail prices can reduce without a hit on revenue. Excise duty has to be reduced by Rs 10 to Rs 12. There is no choice. Profitability of OMCs (oil marketing companies) will also get hit," Subhash Chandra Garg said in an interview to CNBC-TV18. Brent crude oil prices tested $139 a barrel on March 7 . Rupee hit an all-time low of nearly 77 a dollar after crude oil surged afresh on reports that the US and its European allies were weighing a ban on Russian oil. This is likely to have a major impact on domestic fuel prices. Petrol and … [Read more...] about Excise duty on fuel has to be reduced by Rs 10-12 as there is no other option: Former finance secretary

(Representative Image) Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Indraprastha Gas Limited (IGL)(IGL) has revised the price of Compressed Natural Gas (CNG) by Rs 2 per kilogram with effect from May 21. The cost of CNG in Delhi now stands at Rs 75.61 per kg, according to an ANI report. The price of CNG has been hiked to Rs 78.17 per Kg in Noida, Greater Noida and Ghaziabad, in Gurugram, it will cost Rs 83.94 per Kg. “We are tightening our belts and looking at reducing costs to deal with the situation,” IGL,MD,Sanjay Kumar told the media. The Limited availability of government-controlled gas has forced IGL to use more LNG to meet double-digit growth in CNG and PNG (piped natural gas) demand. “Several factors determine CNG prices. One of them is price of natural gas from various sources, including LNG (gas imported in … [Read more...] about IGL’s Price Revision: CNG rates hiked by Rs 2 per kg

The rupee hit an all-time low of nearly 77 a dollar on Monday after crude oil made fresh surges on news reports that the US and its European allies were weighing a ban on Russian oil.  This was the fourth consecutive session when the currency weakened. At 12.11pm, the home currency was trading at 76.96 a dollar, down 1.03 percent from its previous close. It opened at 76.96 a dollar and touched a record low of 76.97 during the day. Analysts says that the higher crude is likely to widen India's current account deficit. A higher current account deficit is likely to put further pressure on the domestic currency. The Russian invasion of Ukraine and likely lower exports of Russian crude oil will keep the oil prices elevated for a protracted period. "We note increasing risks of global crude prices staying elevated in the next 6-9 months due to large imbalances in the global crude oil markets," an analyst said. Brent soared to a near 14-year high of $140. Oil reached its highest … [Read more...] about Rupee trades at record low of 76.96 a dollar on soaring crude prices