Daily Briefing: India’s Russian oil dilemma

The Ministry of External Affairs, however, responded that it was “not aware of any conversation yesterday between the two leaders”. It also said, “It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective.”

Not-so-slick: India’s purchase of Russian oil has been a sticking point in trade negotiations after the US slapped an additional 25 per cent penalty (on top of the 25 per cent reciprocal tariffs) on Indian goods. Trump and his aides have blamed India’s imports for funding Russian President Vladimir Putin’s war in Ukraine. Many view the punitive action against India as a way to force Putin’s hand after several of Trump’s attempts to achieve peace in the region fell short. Notably, Trump had promised to end the war within 24 hours of taking office. On Thursday, Trump said that the two leaders had spoken on call, and that they will soon meet in Hungary to bring the war to an end.

As things stand: India is the second-largest buyer of Russian oil, after China. Industry sources have said that there has been a slight dip in volumes of Russian oil imports due to the narrowing of discounts. New Delhi has maintained that it will buy energy from wherever it gets the best deal, and has spoken about diversifying the supply. Notably, ongoing trade discussions have also included the prospect of increasing oil imports from the US.

Read Sukalp Sharma’s analysis of how Trump’s latest claim frames Delhi’s challenge.

🎧 For more on the Russian oil dilemma, tune in to today’s ‘3 Things’ podcast episode.

⚡Only in Express

Green light: In August 2024, after the fall of the Sheikh Hasina government in Bangladesh, Adani Power Limited (APL) wrote to the Indian government to allow the Godda Power Plant to divert its supply to India. The plant, as of now, exclusively supplies power to Bangladesh. Now, the Centre has granted approval to APL to lay an overhead transmission line to connect the Godda plant with the Indian grid. To achieve this, the government granted APL the same powers as a telegraph authority — to place and maintain telegraph lines. This comes in the wake of multiple, unprecedented amendments to regulations to enable this transmission connectivity. Read.

📰 From the Front Page

Girl from Galle: Delhi University’s Hindu College has nurtured several leaders. On Thursday, a former student, now a head of the government, landed up at the institute once again. It was Sri Lankan Prime Minister Dr Harini Amarasuriya — only the third woman to hold the post — who was on her maiden visit to India after taking charge. Videesha Kuntamalla writes about the ‘girl from Galle’ and her return to her alma mater.

Rejig: All 16 Gujarat ministers resigned on Thursday ahead of an expected reshuffle (and likely Cabinet expansion) today — the first since Chief Minister Bhupendra Patel began his second term. This would be the biggest overhaul since September 2021, when then-Chief Minister Vijay Rupani resigned to make way for Patel.

Clock’s ticking: The time to file nominations for the 121 seats up for voting in the first phase of the Bihar elections ends today. So far, the Opposition’s Mahagathbandhan has not finalised its seat-sharing formula. Late Thursday night, Congress released its first list of 48 names. Sources say the tussle between the party and its ally, RJD, is now over the “quality” of seats being given and not the number.

📌 Must Read

Change the game: The 2010 Commonwealth Games (CWG) were no doubt controversial from an organisational point of view. But they also spurred a host of changes for sports in India. Sample this: Training camps set up ahead of the 2010 CWG, boosted Indian shooters — two of whom went on to win Olympic medals. Wrestling, boxing and shuttling also benefited from the pre-CWG push. But India continues to lack representation in major Olympic sports. Will the 2030 CWG change the game? Mihir Vasavda decodes.

Pain point: A striking colonial-style bungalow in Meghalaya’s Shillong was the site of a defining moment in Manipur’s history: In 1949, the Manipur Merger Agreement was signed here. The deal has long cast a shadow over Manipur’s relationship with the Union. Last week, the bungalow was demolished. The move has sparked much outrage and grief in the beleaguered Manipur. Sukrita Baruah reports.

Fall of an empire: Adani Properties Private Ltd has offered to buy 88 properties from the debt-laden Sahara Group. The proposed multi-thousand-crore deal, now before the Supreme Court, falls in line with Adani’s expansion strategy and could be the last major effort by Sahara to resolve a decade-long financial crisis. George Mathew takes a closer look at the deal and Sahara’s troubles.

⏳ And Finally…

LG Electronics India Ltd had a spectacular debut on the stock market this week. It opened at a 50 per cent premium over its initial public offering (IPO) — boosting its market value past its South Korean parent firm. At the same time, another major firm — Tata Capital Ltd — marked a rather tepid debut, with shares opening only marginally up. What explains their respective performances? We break it down for you.

That’s all for today, folks! Happy weekend!
Sonal Gupta

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