Russia has been diverting oil exports from Europe to Asia as the US and its allies try to choke off its energy revenues to limit its ability to fund the Ukraine war
"All these Arctic crudes usually go to the EU but now they have to go elsewhere," a trader in Singapore said, adding that "Now India and China are their major homes."
Xi wants China and Russia to transact more deals in rubles and yuan to insulate the two against future Western sanctions
The system is ready to be tested after exporters had an importers have opened new bank accounts to enable rupee trade.
Russia accounted for 22% of India's total crude imports last month, supplying 946,000 barrels per day, The Economic Times reported
India’s fast-rising Russian oil imports are being matched by its rising oil exports suggesting it may be reselling Russia’s oil to the West.
India’s fast-rising Russian oil imports are being matched by its rising oil exports suggesting it may be reselling Russia’s oil...
There is no global payment system that is strong enough to act as an alternative to SWIFT and enable Russia to evade sanctions
SPB Exchange in St Petersburg began trading in 12 securities whose primary listing is on the Hong Kong Stock Exchange and will provide access to bourse infrastructure
The US confidence in a price cap follows positive reaction by China and India to the plan, which would limit Moscow’s revenues over its aggression in Ukraine
A "new paradigm" was at play, said DoubleLine's Bill Campbell, such as tensions around Taiwan and in the South China Sea as potential flashpoints with the West.
China's Embassy in Washington said it has not provided assistance to either party in the war, and it opposed the addition of five Chinese firms to the US trade blacklist