The Indian billionaire, who had earlier signalled a greater role within the Reliance Industries empire for his children, appeared to be setting a succession strategy in motion
A source said the price-per-barrel cap level had not yet been determined, but it would have to be high enough to give Russia an incentive to keep producing oil
Reliance Industries’ Jamnagar refinery in Gujarat received 27% of its oil from Russia in May, up from 5% in April, according to a report by the Guardian.
China and India have been stocking up on Russian oil, but their actions have undermined efforts by the US and Europe to impose sanctions that limit funds to the Kremlin while it wages war in Ukraine
Inflation at the retail level has remained above the central bank's tolerance band of 2-6% for five months in a row, even though it eased marginally in May
Setu, which enables users to securely share their financial data with banks and other financial institutions, is Pine Labs' third acquisition this year
The neighbours are also in talks for additional support, including a $500 million credit line for fuel and help with importing fertiliser and rice, officials said.
Putin said Russia was discussing increasing the presence of Chinese cars on the Russian market as well as the opening of Indian supermarket Chains.
Sanctions that forced SWIFT to halt transactions with Russia are seriously hindering payments for oil and fertilizer imports, said a senior SBI executive.
The move by the Indian Register of Shipping is keeping state-owned Sovcomflot's tanker fleet afloat and ensuring it can continue exports to India of Russian oil
The country of 22 million people is struggling with its worst financial crisis in seven decades, unable to import essentials including food, fuel and medicines