We need to use this (Indian Rupee) money. But for this, these rupees must be transferred in another currency, and this is being discussed now," said Russian Foreign Minister.
India has now become Europe's largest supplier of refined fuels this month as per the latest data from analytics firm Kpler.
It is worth noting that India is the world’s third-largest oil-consuming and importing nation. It imports 85 per cent of its crude oil needs.
The diplomat claimed India is neither Taiwan nor South Korea and added it is a rising power with a powerful economy. Elahi claimed that New Delhi can easily resist the power of the West.
While the windfall profit tax is calculated by taking away any price that producers are getting above a threshold, the levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments.
Kay has two more songs in the works before this year ends. A collaboration with Indian social media influencer Manav Chabbra and another Hindi single titled “Mein Jaau Kaha”.
Business News: In the 30-share Sensex pack, Titan, Power Grid, Maruti, Mahindra & Mahindra, Bharti Airtel, Hindustan Unilever, ICICI Bank, and State Bank of India were the major laggards.
Rupee v/s Dollar: At the interbank foreign exchange, the rupee opened at 82.68 against the greenback, then slipped further to 82.69, registering a fall of 39 paise over its previous close.
The rupee consolidated in a narrow range and settled 9 paise higher at 81.58 (provisional) against the US dollar on Tuesday as the American currency retreated from its elevated levels. At the interbank forex market, the local unit opened at 81.45 against the greenback.
India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies.
Russia has not been a major source of fossil fuel for India but the imports of discounted Russian crude oil have seen a massive increase in the last few months, notwithstanding rising disquiet in many Western capitals.
Windfall tax on domestically produced crude oil was hiked to Rs 17,750 per tonne from Rs 17,000, a move that will hit producers like ONGC and Vedanta Ltd.
The levy on crude, which follows record earnings by state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) and private sector Cairn Oil & Gas of Vedanta Ltd, alone will fetch the government Rs 67,425 crore annually on 29 million tonnes of crude oil produced domestically.
Last month, Russia overtook Saudi Arabia to become India's second-biggest supplier of oil behind Iraq as refiners snapped up Russian crude available at a deep discount following the war in Ukraine. Indian refiners bought about 25 million barrels of Russian oil in May.
US said that energy imports from Russia are not banned or part of sanctions, therefore, New Delhi is not violating US sanctions.
Prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab -- a period during which the cost of raw material (crude oil) soared by about USD 30 per barrel.
In the past several weeks, the prices of crude oil in the international market had reached up to $140 per barrel, most recently last week. Though it fell down to $110 again but it's still way more than $80 per barrel earlier, causing losses to public sector companies as the government is not allowing petrol, diesel prices to rise for over 120 days now, says Dr. Sudhir Bisht, International crude oil expert.
As Russian economy faces its worst since 1991, Moscow has urged India to increase its investments after sanctions over its oil-gas exports.
Moscow has been supplying the European nations with roughly 40 percent of their gas needs, said Russia's deputy Prime Minister Aleksandr Novak.
Meanwhile, oil prices came under more pressure after Libya's national oil company said an armed group had shut down two crucial oil fields.
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