"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 the ever-evolving tapestry of global economies, the latest insights from the World Bank's Migration and Development Brief shed light on the continuing growth of remittance flows to low- and middle-income countries (LMICs) in 2023. While the pace might have slowed compared to previous years, the numbers tell a story of resilience, challenges, and the undeniable impact on nations worldwide. India's Leading Role in Remittances At the forefront of this narrative is India, securing its position as the top remittance recipient. The report underscores India's economic buoyancy, with remittances reaching an impressive USD 125 billion in 2023. This feat is attributed to a tight labor market in the United States and robust employment growth in Europe, outperforming earlier forecasts. South Asia's Positive Trend Zooming into the South Asian region, remittance flows to India experienced significant growth, contributing to a remarkable 7.2% increase in remittances for the entire ...