As the old saying goes, “one man’s crisis is another’s opportunity.” Russia’s invasion of Ukraine and the subsequent sanctions and ruined trade relationships with the U.S. and Europe represent a tremendous crisis. But for the country’s long-term ally, India – and to an extent, China – it represents opportunity. From cheap Russian oil and coking coal to steel, India continues to benefit from its close ties to Moscow.
Russian foreign minister head of a large delegation that includes ‘oil and gas companies and investors’, with Iraqi foreign ministry confirming ‘Iraq’s openness to all of its friends’
Russia’s President Vladimir Putin signed a decree on countermeasures against the G7 oil price cap at the end of 2022.
Russia will not export oil to countries that impose price caps even if production is cut, Russian Deputy Prime Minister Alexander Novak said on Russia state TV Sunday.
Russia has rejected a price cap on its oil, indicating it may stop supplying to countries that agree to the limit.
Oil prices were steady on Monday after an agreement by the G7 group of nations and its allies to cap the price of Russian oil at US$60 a barrel.
Russia’s Deputy Prime Minister Alexander Novak has warned that the country’s authorities may be prepared to accept a certain decline in oil production — despite the drop in government revenues — in response to the price cap officially agreed late last week by the G7 group of leading economies and Australia.
European Union leaders agreed to pursue a ban on imports of most Russian oil
Brent crude for July, which expires on Tuesday, rose US$2.19, or 1.8%, to US$123.86 a barrel at 0650 GMT, after earlier rising to US$124.10 – its highest since 9 March