RUSSIA SHIPMENTS
US allies allege China is developing attack drones for Russia
Chinese and Russian companies are collaborating to develop an attack drone similar to Iran’s Shahed model, which has been used extensively by Russia in Ukraine, according to European officials. The companies began developing and testing this drone in 2023, preparing it for shipment to Russia. This move signifies a potential shift towards providing lethal aid, which Western officials have warned against. Despite Beijing's portrayal of neutrality, U.S. officials have expressed concerns about China’s indirect support for Russia through components and dual-use technologies. China's embassy in the U.S. denied providing weapons, urging dialogue and peace instead.
Top fertiliser maker says ‘Black Swan’ jolts are finally easing
Russia’s 2022 invasion of Ukraine disrupted global fertiliser shipments and pushed prices — and Nutrien earnings — to record heights. But as farmers and retailers balked at the sticker shock, demand tumbled.
Russia keeps up pressure on the front line as Ukraine gets a boost from Western military aid
Russian attacks on Ukrainian positions in the eastern town of Chasiv Yar are disrupting troop rotations and supply deliveries, soldiers report. As Ukraine awaits new Western military aid, Russia seeks to exploit its numerical and firepower advantage. Civilian targets are also heavily bombed, leading to ICC arrest warrants for former Russian defense leaders for alleged war crimes. Despite intense fighting, Ukrainian forces strive to hold Chasiv Yar, crucial for its strategic location. The U.S. and Czech Republic are bolstering Ukraine's ammunition supplies, while a prisoner swap was mediated by the UAE.
India and China top buyers of Russian fuel oil in May, LSEG data shows
In May, Russian seaborne fuel oil and VGO exports peaked at 4 million metric tons, with India and China as top destinations. The surge followed the European Union's embargo on Russian oil products, redirecting supplies to Asia. Notably, ship-to-ship loadings near Greece and Malta facilitated the transfer of cargoes destined for Asia.
EU slaps fresh curbs on Russia gas shipments
The new restrictions on gas aim to reduce Russia's revenues from liquefied natural gas (LNG) exports by banning trans-shipments off EU ports and a clause allowing Sweden and Finland to cancel some LNG contracts. The measures stop short of an EU ban on LNG imports, which have risen since the start of the war.
India buys record amount of sunflower oil as Ukraine-Russia fight for market share cuts price
Indian buyers purchased a record 500,000 metric tons of sunflower oil in June due to competitive pricing against soyoil and palm oil from leading suppliers Russia and Ukraine. The war has lead to reduced inventories in the Black Sea region. The lower prices for sunflower oil were attributed to aggressive competition from Russia, Ukraine, and Argentina, with sunflower oil trading at a discount to soyoil and palm oil, prompting Indian buyers to pivot towards sunflower oil amidst robust demand in southern states.
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With its new pact with North Korea, Russia raises the stakes with the West over Ukraine
In a significant move, President Putin's visit to North Korea showcased Russia's willingness to challenge Western interests, particularly in the context of the Ukraine crisis. The pact signed with Kim Jong Un includes mutual military assistance and the possibility of weapons shipments to North Korea. This agreement marks the strongest tie between the two countries since the Cold War. Putin's actions have raised concerns in Washington and Seoul, with South Korea considering supplying arms to Ukraine in response. However, Putin warned against this, indicating potential repercussions.
EU sanctions target Russian gas for the first time, diplomats say
The European Union has agreed on a new sanctions package against Russia, marking its first restrictions on Russian gas since the war in Ukraine began. This 14th package bans the re-export of Russian liquefied natural gas (LNG) within EU waters, although imports continue. While intended to curb Russia's revenue and access to technologies, experts suggest limited impact on overall Russian LNG exports.
Russia President Vladimir Putin makes a rare visit to North Korea, an old ally
Putin was met at Pyongyang's airport by North Korean leader Kim Jong Un. They shook hands and embraced, and Kim later joined Putin in his car to personally guide him to Pyongyang's Kumsusan State Guest House, North Korea's official Korean Central News Agency said.
World leaders to meet at Swiss resort on possible Ukraine peace roadmap, Russia is notably absent
Leaders from Ecuador, Ivory Coast, Kenya, and Somalia, alongside numerous Western heads of state and government, are set to convene at a conference this weekend to discuss the initial steps toward peace in Ukraine, with Russia notably absent. Hosted by Swiss officials, the conference will see over 50 heads of state and government, including Ukrainian President Volodymyr Zelenskyy, as well as 100 delegations from European bodies and the United Nations.
India's May outbound shipments at 3-month high; trade gap at 7-month record
Terming May as an “excellent” month for exports, commerce secretary Sunil Barthwal said that the situation was looking more optimistic for trade this year, with even sectors such as textiles recording healthy growth after months of sluggishness.
Imports from Iraq up 58.68% to $3.76 billion in May
The data showed that the inbound shipments from China during the month were 2.82 per cent higher at USD 8.48 billion. Among the top 20 import source nations of India, imports from Saudi Arabia, Switzerland, Japan, Germany, Hong Kong, Australia and Malaysia recorded negative growth in May.
To help Airbus, Macron pressed Canada to ease Russia titanium sanctions
French President Emmanuel Macron personally intervened to persuade Canadian Prime Minister Justin Trudeau to give Airbus and other aerospace firms relief from sanctions on Russian titanium. The request was made during a phone call between the two leaders in March, weeks after Canada broke ranks with allies and slapped sanctions on the strategic metal. Macron had made a "significant effort" to convince Trudeau to grant an exemption for European companies. At least one other European government also weighed in to support the lobbying effort. Ottawa initially stood firm but within days modified its policy by granting Airbus and others waivers.
Lower shipments of iron & steel dragged down engineering exports in April by 3.2%
Engineering exports are expected to rise on the back of global trade pick-up in coming months, says EEPC India Chairman.
India, Egypt top destinations for Russian seaborne fuel oil, VGO exports in April, LSEG data shows
Crude oil Import: In April, India and Egypt were key destinations for Russian seaborne fuel oil and vacuum gasoil exports, with a total 10% decrease in exports due to maintenance and outages. The EU's embargo redirected Russian exports to Asia. Shipments to India rose while those to China decreased. Egypt saw increased fuel oil supplies for power generation.
Oil shipments at risk from rising sea levels, think tank warns
The China Water Risk (CWR) think tank warned of adverse impacts of rising sea levels on crude oil shipments in a report. The report says that 12 out of the top 15 tanker terminals were expected to be impacted by one metre of sea level rise, many being Asian nations.
Russian President Vladimir Putin to push growing Moscow-Beijing trade in China's northeast
Russian President Vladimir Putin concluded his visit to China by highlighting the importance of trade near the border in China's northeast. Amid Western sanctions over the Ukraine invasion, Putin is strengthening ties with China, signing agreements on security and economic cooperation. The joint statement emphasizes the deepening China-Russia relationship and their commitment to mutual development.
Xi Jinping, Vladimir Putin hail ties as 'stabilising' force in chaotic world
Chinese President Xi Jinping and his Russian counterpart Vladimir Putin met in Beijing to strengthen their nations' relationship, with Putin seeking Chinese support for his war in Ukraine. Xi emphasized the importance of the China-Russia partnership for global peace and justice, while Putin highlighted their role in maintaining stability in the international arena. Despite economic challenges due to Western sanctions, the two leaders reaffirmed their commitment to deepening ties.
Ukrainian troops pull out of some areas and Zelenskyy postpones foreign trips amid Russian offensive
U.S. Secretary of State Antony Blinken announced a $2 billion arms package for Ukraine during a visit to Kyiv, aimed at supporting Ukraine in its defense against a new Russian offensive. The package includes funds for medium- and long-term foreign military financing, with most of the money coming from a package approved last month by Congress. Blinken's visit comes as Ukrainian forces face increased pressure from Russian troops in the east. President Zelenskyy has postponed all his upcoming foreign trips in response to the escalating conflict.
Russian President Vladimir Putin to visit China this week
Russian President Vladimir Putin will visit China this week after an invitation from Xi Jinping. Beijing's foreign ministry confirmed the trip scheduled from Thursday to Friday. This marks Putin's second visit to China in just over six months, highlighting the close ties between the two nations. The visit comes amidst a strengthened partnership following Russia's military assault on Ukraine in February. China has served as a crucial economic lifeline for Moscow amid Western sanctions.
Surge in shipments to WANA, CIS countries push engineering exports in FY24
Increase in value-added exports and more FTAs with important trade partners especially in Latin America key for trade diversification: EEPC India Chairman
Russia says there is no problem with payment for its oil shipments to India
Foreign Ministry spokeswoman Maria Zakharova assured that Russian oil shipments to India are progressing smoothly without any payment issues.
Engineering exports to Russia double to $1.22 billion in FY24 up to February, shipments to US dips
Engineering shipments to UAE and Australia with which India signed a free trade agreement (FTA) remained positive in FY24 up to February.
Reliance refusing Sovcomflot oil shipments after sanctions, sources say
The development adds to oil export problems for Russia as its oil firms may face difficulties finding ships to sell surplus oil after recent Ukrainian drone attacks on the state's refineries. Russian companies are already struggling to collect payments for oil exports due to banking restrictions. The U.S. has imposed wide-ranging sanctions on Russia since its invasion of Ukraine two years ago. In February, the U.S. imposed sanctions on Sovcomflot and 14 crude oil tankers involved in Russian oil transportation.
Putin is shipping grain to Africa. The largesse comes with a price
Russia's aid to Africa, including free grain and military support, is part of a strategy to strengthen ties and gain support for its ambitions. The donations have helped Russia expand its presence in countries like Burkina Faso, Mali, and Somalia.
Iran sends Russia hundreds of ballistic missiles, sources say
Iran has provided Russia with a large number of powerful surface-to-surface ballistic missiles, including the Fateh-110 family of short-range ballistic weapons, such as the Zolfaghar. The shipments began in early January after a deal was finalized. Russia is an ally of convenience for Iran.
India stands firm on buying Russian oil amidst sanctions; EAM Jaishankar says Moscow has never hurt New Delhi
India's External Affairs Minister S Jaishankar reaffirmed India's stance on buying Russian oil. During his visit to Germany for the Munich Security Conference, he stated that Europe should understand that India cannot have a view of Russia that is identical to the European one.
European wheat shipments are bypassing the Suez Canal
Commodity carriers have been forced to bypass the Suez Canal, taking longer and more expensive routes to their destinations, because of Houthi militant attacks on merchant ships in the Red Sea.
Russia's November seaborne diesel exports rise as ban lifted, production rises
Russian seaborne diesel and gasoil exports increased 8.5% in November to about 2.8 million metric tons after an export ban was lifted and production grew. The ban was partially lifted on October 9, with Russia resuming ultra-low-sulphur diesel (ULSD) exports via Transneft pipelines. In the first three weeks of November, diesel output from Russian refineries rose by almost 11%.
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