"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 ...
Highest Living Costs in Asia: Inflation Soars to 25% in this country Introduction: Pakistan, once hailed as an emerging economy in South Asia, now faces formidable economic challenges. Inflation rates have soared to a staggering 25%, surpassing those of all other Asian nations, while growth projections languish at a mere 1.9%. In this blog post, we delve into the root causes of Pakistan's economic distress, explore the impact on its citizens, and discuss potential solutions to mitigate the crisis. Understanding the Inflation Crisis: Pakistan's inflation rate of 25% is alarming, especially considering the target set at 21% for the fiscal year. Despite efforts to rein in inflation through tight monetary policies, the nation continues to struggle, inflicting significant financial strain on its populace. The Asian Development Bank's report underscores the role of external financing requirements and political uncertainty in exacerbating inflationary pressures. Addi...