"India's Efforts to Secure Affordable Russian Oil Amid Tightening Sanctions" India’s state-owned refiners are expediting payments for Russian crude oil to complete transactions before expanded US sanctions take effect. These refiners now settle payments within two days instead of the usual five, aiming to secure discounted Russian oil while navigating an increasingly restricted global trade environment. The urgency stems from Washington's announcement of stricter sanctions targeting Russia’s oil industry, which are set to take effect next month. Refiners are keen to ensure transactions are completed during the “wind-down” period allowed for pre-sanctioned cargoes. At least 4.4 million barrels of Russian oil are en route to Indian ports like Jamnagar, Chennai, Paradip, and Visakhapatnam. Among these shipments is the tanker Mercury , carrying over 1 million barrels of Russian Urals crude, expected to arrive in Paradip soon. This vessel loaded its cargo in mid-December ...
In a surprising turn of events, Gautam Adani has reclaimed his position as Asia's wealthiest person, surpassing Mukesh Ambani. This significant shift follows a recent Supreme Court decision that halted new investigations into allegations against Adani's conglomerate by Hindenburg Research. Adani's wealth saw an astonishing surge of $7.7 billion in just one day, reaching an impressive $97.6 billion, placing him back at the top. The Adani Group faced a challenging year, grappling with accusations of corporate fraud from Hindenburg Research, which led to a substantial market value drop exceeding $150 billion. Despite these hurdles, Adani's stocks rallied after the Supreme Court directed the markets regulator to conclude its investigation within three months, marking the end of a year-long battle with short-sellers. This legal reprieve resulted in a remarkable $13.3 billion wealth gain for Adani, making it the largest such increase globally in 2024, following one of the mos...