"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 ...
China's economy grew by 5.2 percent in 2023, hitting the government’s official target, but concerns about growth momentum remain amid a protracted property crisis, sluggish consumer and business confidence, and weak global growth. China’s National Bureau of Statistics reported a 5.2 percent growth in the final three months of 2023, compared with the same period last year. The bureau’s head, Kang Yi, emphasized the "hard-won" nature of the expansion and cautioned about a complex external environment and insufficient demand moving into 2024. After a 3 percent growth in 2022 due to prolonged COVID-19 regulations, China set a growth target of "around five percent" for 2023. However, the economy faced challenges from the ongoing property market crisis, attempts to rein in debts and speculation, record youth unemployment, and a global economic slowdown. Exports, historically a key growth lever, fell last year for the first time since 2016, according to customs agency ...