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<ul class="summary-list"><li>Iran's Islamic Revolutionary Guard Corps is building a fleet capable of operations on the high seas.</li><li>Its new missile corvettes are the most heavily armed combatant ships in its fleet.</li></ul>In the last three years, Iran's Islamic Revolutionary Guard Corps Navy has commissioned hundreds of new vessels. Most are newer variants of the missile, rocket, and heavy machine-gun-clad speedboats that have long formed the backbone of the IRGCN's fleet, but beginning in 2022, the IRGCN began commissioning new classes of warships capable of operating on the high seas.The vessels, four newly designed missile-armed catamaran corvettes and a container ship converted into an expeditionary sea base, bring new capabilities to the hardline force known for <a target="_blank" href="https://www.fdd.org/iranmaritimeaggression/">carrying out dangerous missions</a> like attaching mines to ship hulls and hijacking merchant ships, giving Iran options to keep adversaries with advanced navies and air forces like Saudi Arabia and the US off-balance.The largest ships ever to be commissioned into its service, the vessels enable the IRGCN to operate major surface combatants with long-range anti-ship and anti-air weapons, and also helps the historically littoral force to pursue a new mission only recently given to it: to project power into the high seas via expeditionary operations.With a fourth catamaran missile corvette on the way and another container ship <a target="_blank" href="https://en.mehrnews.com/news/197748/Shahid-Bagheri-UAVs-carrier-to-be-unveiled-in-near-future">being converted into a drone carrier</a>, the IRGCN's future fleet is gaining the larger ships and firepower needed to confront its adversaries beyond the Persian Gulf.<div type="image" title="The Shahid Hassan Bagheri is one of three new missile corvettes that are the most heavily armed warships in the Islamic Revolutionary Guard Corps Navy's fleet." height="1323" width="2000" msid="111485060" hostid="261" sizebytes="135322"></div><h2 id="c274a839-af2a-45a5-8780-d1e46e1883f2">Catamaran missile corvettes</h2>Founded in 1985, the IRGCN is the naval branch of the Islamic Revolutionary Guard Corps, a paramilitary organization that operates as the ideological steward of Iran's revolution separate from the national military and which answers directly to Tehran's supreme leader, Ayatollah Ali Khamenei.Numbering around 25,000 personnel, in 2007, the IRGCN was tasked with the security of the Persian Gulf, while Iran's national navy was given responsibility for the waters of the inland Caspian Sea, the Gulf of Oman, and beyond. Responsibility for the Strait of Hormuz, the narrow mouth that dog-legs into the Persian Gulf, is shared between the two forces.Since its inception, the IRGCN has employed an asymmetric doctrine that utilizes swarm and guerilla tactics with an emphasis on numbers, speed, mobility, and geographical advantages. They are known for provocative tactics that harass and threaten US Navy warships and civilian merchant vessels.Operating in conjunction with Iran's land-based missiles and aircraft, the IRGCN can mount rapid sea assaults that exploit the islands and contours of Iran's coast. They rely extensively on hundreds of smaller vessels, namely fast attack craft (FAC) and fast inshore attack craft (FAIC) like those of the <a target="_blank" href="https://www.globalsecurity.org/military/world/iran/hudong.htm">Tondar</a> and <a target="_blank" href="https://www.globalsecurity.org/military/world/iran/peykaap-pics.htm">Peykaap</a>-classes which are armed with heavy machine guns, rockets, anti-ship missiles, and torpedoes to swarm enemy warships that may also be under attack from loitering munitions.On September 5, 2022, the IRGCN diverged from its usual procurement practices when it commissioned the <a target="_blank" href="https://www.usni.org/magazines/proceedings/2023/december/irans-first-vls-missile-catamaran">Shahid Soleimani</a>, the lead ship of a new class of corvettes named after the leader of the IRGC's elite <a target="_blank" href="https://www.businessinsider.com/trump-administrations-shifting-explanations-for-soleimani-killing-2020-1">Quds Force</a> who was killed in a US drone strike in 2020. At 213 feet long, 47 feet wide, and displacing an estimated 600 tons, it is one of the largest surface combatants the IRGCN has ever adopted.The class utilizes a unique twin-hulled catamaran design. The design offers increased speed and stability at the expense of volume to carry more fuel or armaments. Though rare for frontline warships, some major navies do possess catamaran corvettes, including China, Russia, Taiwan, and Norway.The IRGCN itself has been operating a single catamaran called the <a target="_blank" href="https://www.globalsecurity.org/military/world/iran/harth-55.htm">Shahid Nazeri</a> since 2016. Despite being lightly armed, it has a record of harassing US vessels and civilian ships in the Persian Gulf.But while Shahid Nazeri has few armaments, the Soleimani-class corvettes are the most heavily armed vessels in the IRGCN fleet, with an armament of 28 missiles, four 23mm Gatling guns (two in front of the bridge and two amidships), and one 30mm auto-cannon at the bow. Their formidable missile armaments are designed to threaten ships and aircraft.Twenty-two of the missiles are stored in vertical launch systems (VLS), making the Soleimanis the first vessels in Iranian service with vertical launch capability. Believed to all house surface-to-air missiles (SAMs), they are arranged in two groups of eleven cells (eight small and three large) on the port and starboard sides just behind the bridge.The six large cells are believed to house medium-range SAMs with a range of 92 miles each, while the sixteen small cells are believed to house short-range SAMs. Six box launchers amidships (three on each side) house anti-ship cruise missiles (ASCMs); likely four long-range ASCMs like the Ghadir or Noor, with ranges of 184 and 74 miles, respectively, and two short-range ASCMs like the Nasr, which has a range of 21 miles.A helicopter deck is located just behind the box launchers and mast. Below it is a hangar reportedly large enough for three IRGCN FIACs; these fast inshore attack boats can be lowered into the water and picked up by an internal crane.Made out of aluminum, Iranian officials have said that the ships have a range of 5,500 nautical miles. They have also said that the catamaran layout provides stability in rough seas and reduces the ships' radar cross-sections, making them harder to detect and track.Three Soleimani-class corvettes, Shahid Soleimani, Shahid Hassan Bagheri, and Shahid Sayyad Shirazi, have been commissioned, while a fourth, Shahid Ra'is-Ali Delvari, is under construction. One month before the Hassan Bagheri and Sayyad Sirazi's commissioning last February, the IRGCN commissioned a new type of catamaran corvette, the <a target="_blank" href="http://www.hisutton.com/Iran-IRGC-Abu-Mahdi-Class.html">Shahid Abu Mahdi al-Muhandis</a>.At 157 feet long, 39 feet wide, and displacing around 300 tons, it is smaller than the Shahid Soleimani-class and vastly different in appearance; it has no internal hangar capable of holding FAICs, no VLS cells, and the landing deck behind the bridge appears to be too small for helicopters, likely meaning it is intended for drones.Its armament consists of 14 missiles; six ASCMs stored in box launchers at the stern and eight more ASCMs in two quad-tubed launchers on the port and starboard sides. It is also equipped with four 23mm Gatling guns and one 30mm auto-cannon.Rear Admiral Alireza Tangsiri, the commander of the IRGCN, described the Shahid Abu Mahdi al-Muhandis as an "invisible boat" because of its catamaran design, and said it had a range of 2,300 miles. <h2 id="847ddf3b-1714-41d3-83b8-40af97f05a77">Converted container ships</h2>Though the newest, the catamaran corvettes are not the first sea-faring vessels the IRGCN has operated. The service has unofficially operated the cargo ships <a target="_blank" href="https://news.usni.org/2020/10/26/iranian-spy-ship-commands-strategic-position-on-vital-oil-route">MV Saviz</a> and the <a target="_blank" href="https://www.ft.com/content/5fb8849c-b5b2-4f6f-908f-2c125159e3ce">MV Behshad</a> which, although officially registered as civilian vessels, are used as forward base and command ships to coordinate support for Houthi rebels in Yemen and to gather intelligence. The IRGC <a target="_blank" href="https://apnews.com/article/yemen-middle-east-e4bde7250333a85445fe9a9f0f1c64a8">smuggles weapons</a> to the Houthis and train them on their use.In 2020, the IRGCN commissioned its first official sea-going vessel, the <a target="_blank" href="http://www.hisutton.com/Iranian-IRGC-Forward-Base-Shahid-Roudaki.html">Shahid Roudaki</a>. A converted roll-on/roll-off ship, the Shahid Roudaki is capable of carrying FAICs, drones, and military vehicles, and has space for a helicopter on its deck. It is armed with four ASCM box launchers and is believed to play an intelligence-gathering and support role.Roudaki was briefly the largest ship in the IRGCN fleet until March 2023, when the Guard commissioned the <a target="_blank" href="https://www.globalsecurity.org/military/world/iran/irgcn-shahd-mahdavi.htm">Shahid Mahdavi</a>, a converted container ship formerly known as Sarvin.At 787 feet long and 105 feet wide, Mahdavi's role is that of an expeditionary sea base and support/mothership. Equipped with a phased array radar and capable of carrying two helicopters, drones, loitering munitions like the Shahed-136, and FAICs, Mahdavi can also be used as a base from which IRGCN special forces can be inserted, and act as an intelligence-gathering vessel.It is often compared to the US Navy's Lewis B. Puller-class expeditionary mobile bases, the <a target="_blank" href="https://www.businessinsider.com/uss-lewis-puller-tanker-like-warship-floating-navy-seal-base-2024-1">lead ship of which</a> has spent ample time in the Persian Gulf in view of Iranian forces.Iran's navy has a similar vessel, the IRINS Makran, a forward base ship converted from an oil tanker. Commissioned in 2021, it has conducted multiple long-range voyages, including one that saw it circumnavigate the globe.Mahdavi made international headlines in February when it launched two ballistic missiles from shipping containers placed on its deck as part of the Great Prophet 18 military exercise. Fired from the Gulf of Oman, the missiles were <a target="_blank" href="https://www.aljazeera.com/news/2024/2/13/irans-irgc-makes-naval-show-of-force-as-gaza-war-rages">reported</a> to have successfully hit mock targets in a desert in central Iran, demonstrating an at-sea launch capability for Iran's ballistic missiles.The ship again made headlines in May when it sailed into the Southern Hemisphere, proving definitively that the IRGCN's reach <a target="_blank" href="https://twitter.com/dopaminedealers/status/1791845756824936655">now extends to the high seas</a>.Mahdavi will eventually be joined by another converted container ship, the Shahid Bagheri. Formerly known as the Perarin, the vessel has been undergoing conversion into a drone carrier for the IRGCN since 2021.Measuring 787 feet long, the ship's width has been increased slightly with the <a target="_blank" href="https://twitter.com/mhmiranusa/status/1607045992557281282">addition of a cantilever deck</a> on its port side. In 2023, a <a target="_blank" href="http://www.hisutton.com/Iran-IRGC-Drone-Carrier-Update-04-2023.html">ski-jump ramp was fitted</a> to the bow at an angle toward the starboard side in line with the cantilever deck, suggesting that wheeled drones will take off and land by avoiding the ship's towering superstructure that houses the bridge.The makeup of Bagheri's future unmanned air wing remains a matter of speculation, and could include Shahed 171 and 191s (which are reverse-engineered Iranian copies of a <a target="_blank" href="https://www.csmonitor.com/World/Middle-East/2011/1209/Downed-US-drone-How-Iran-caught-the-beast">captured</a> American RQ-170 Sentinel), or Mohajer-6 and Shahed 129 drones, all of which can reportedly be used as reconnaissance and strike platforms.The Bagheri's flight deck measures about 590 feet. The main recovery method for the drones will likely be an arrestor net or cable system of some type, though drones with short takeoff and landing ability may be able to conventionally land in calm seas.Like the Mahdavi, Bagheri could also be used as a launch platform for loitering munitions like one-way attack drones. In addition, Rear Adm. Tangsiri has said that Bagheri will be able to store 30 FAICs below its deck.<div type="image" title="The IRGCN's new warships come with a mandate to expand well beyond the speedboat and fast attack operations that have characterized much of its operations in the Persian Gulf." height="1330" width="2000" msid="111485309" hostid="261" sizebytes="178706"></div><h2 id="0b86703b-52ab-4f58-8648-98f2dde650ab">An expanded mission</h2>Altogether, the ships represent radical upgrades for the IRGCN — upgrades that the force has desperately wanted.Though its asymmetric tactics and assets have successfully <a target="_blank" href="https://www.voanews.com/a/middle-east_iran-shoots-down-us-drone/6170355.html">shot down</a> an American drone, <a target="_blank" href="https://www.businessinsider.com/iranian-ships-tried-seize-oil-tanker-opened-fire-us-navy-2023-7">damaged</a> and <a target="_blank" href="https://www.businessinsider.com/video-iran-attack-boats-swarm-oil-tanker-latest-maritime-seizure-2023-5">seized</a> merchant ships, and taken American and British naval personnel prisoners, the <a target="_blank" href="https://www.businessinsider.com/operation-praying-mantis-shows-destruction-of-potential-us-iran-war-2021-4">last major combat engagement the IRGCN fought</a> was a humiliating defeat for Iran, due in large part to hostile missile-equipped surface combatants and airpower.Now sailing with large surface combatants armed with anti-air and anti-ship missiles, as well as new FIACs with better anti-ship and anti-air capabilities, the IRGCN poses a greater threat than it did in the 1980s."They know they are going on missions that require defense against aerial threats as well as surface threats, so they have to be prepared to defend against those threats by themselves," Farzin Nadimi, a senior defense fellow with the Washington Institute for Near East Policy told Insider.But the IRGCN's new ships are not just intended for protecting the Persian Gulf — they are also for helping the IRGCN in its new mission: Projecting its power into the high seas.Previously a mission reserved for Iran's national navy, this expansion of duty was <a target="_blank" href="https://www.bbc.com/persian/iran-53138431">ordered by Ayatollah Khamenei himself in 2020</a>. Though no direct reason has been given for the change, Iranian officials often talk about how the ships will better secure Iran's maritime interests."In general, they have portrayed their new mission as protecting the safety and security of Iran's vital maritime routes," Nadimi said.But it's more likely that the IRGCN needs high-seas capability to better support the IRGC's goal of furthering Iran's strategic interests. Iran is a rival to Israel and Saudi Arabia and arms groups across the region like Hezbollah in Lebanon, Hamas in Gaza, and the Houthis in Yemen.While Iran's navy is involved in anti-piracy missions and international voyages to show its flag, it is the IRGC that is responsible for supporting Iran's proxy groups abroad. The Guard is also the frontline force for Iran's efforts in Syria.In the event that its allies need supplies, the new catamaran corvettes "would be able to escort Iranian ships, tankers, or cargo ships that carry important cargoes," Nadimi said. The Mahdavi and Bagheri, converted container ships themselves, could even carry the cargo and deliver it directly.And while the MV Saviz and MV Behshad have likely been unofficially aiding the Houthis, the fact that they are not officially Iranian military vessels exposes them to the possibility of being attacked in gray zone operations, as <a target="_blank" href="https://www.timesofisrael.com/iran-state-tv-acknowledges-ship-attacked-in-red-sea-in-hit-attributed-to-israel/">happened to Saviz in 2021</a>, when a suspected Israeli limpet mine attack crippled it, causing it to be towed back to Iran.The IRGCN's new ships, by contrast, are official vessels of the regime. "By law they are sovereign territory of Iran," Nadimi said. "They have the threat of serious escalation behind them if Israel directly attacks them."The ships can also serve Iran's possible tactical goals as well. As a mobile sea-based ballistic missile launch platform with a long range, the Mahdavi poses a particularly potent threat. An IRGCN surface group made up of the Soleimanis, Madhavi, and Bagheri may even be able to pose a threat to US bombers based in Diego Garcia, an island in the middle of the Indian Ocean.If tensions in the region continue to escalate into a direct conflict with Israel, these ships could pose a big enough threat that they could become high-priority targets for Israeli submarines operating in the Red and Arabian seas.With Bagheri finishing construction and a fourth Soleimani-class catamaran being built, the IRGCN's fleet is only expected to get larger as it embraces its new high-seas mission."Our oceangoing warships can be present in every location across the world, and when we can fire missiles from them, there is accordingly no safe spot for anyone intending to create insecurity for us," Tangsiri <a target="_blank" href="https://www.tasnimnews.com/en/news/2024/02/13/3038628/irgc-warship-fires-long-range-ballistic-missile">said</a> after the successful missile launches from Mahdavi.Benjamin Brimelow is a freelance journalist covering international military and defense issues. He holds a master's degree in Global Affairs with a concentration in international security from the Fletcher School of Law and Diplomacy. His work has appeared in Business Insider and the Modern War Institute at West Point.

Iran's Islamic Revolutionary Guard Corps gets powerful ships to confront adversaries well beyond the Persian Gulf 

The 30-scrip Sensitive Index (<keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword>) rose in early trade on Thursday, thereby extending its gains from the previous two consecutive sessions. At 10.00 a.m. the S&amp;P BSE Sensex traded at 57,380 points, up 0.8 per cent. It opened at 56,599 points from the previous close of 56,930 points. Till now it touched a low of 57,168 points. Besides, the broader 50-scrip <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> at the National Stock Exchange (NSE) opened at 16,865 points from the previous close of 16,955 points. It traded at 17,085 points, up 0.8 per cent during the early-morning trade session. DLF, <keyword id="111876" type="General" weightage="20" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword>, Interglobe Aviation, <keyword id="895682" type="General" weightage="20" keywordseo="adani-ports" source="Orion">Adani Ports</keyword> were some of the top gainers during the early trade, exchange data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/medplus-health-services-ipo-makes-a-positive-stock-market-debut/articleshow/88445242.cms">MedPlus Health Services debuts on a good note with 27% premium</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/amazon-sues-indian-ed-over-investigation-into-future-coupon-deal/articleshow/88445145.cms">Here’s why Amazon is suing India’s financial investigating agency</a>

Indian equities extend gains, Indian Oil Corp, Adani Ports, ITC, HDFC, Hero MotoCorp among gainers

<ul class="summary-list"><li>Over a month's worth of Russian crude-oil production is stranded near South Korea.</li><li>Currency disagreements with importers have left 14 cargo tankers idling.</li></ul>Tankers carrying over a month's worth of Russian oil production have been stuck in a weeks-long limbo, as US sanctions and payment disagreements keep buyers at bay. Vessels loaded with 10 million barrels of the Russian Sokol crude have been idling around the South Korean port of Yosu, <a href="https://www.reuters.com/markets/commodities/russia-struggles-sell-pacific-oil-14-tankers-stuck-sources-data-2024-01-26/" target="_blank" rel="noopener">Reuters</a> reported. To save on freight costs, three supertankers have become a floating storage, accepting product from smaller vessels ship-to-ship.In total, 14 ships have sat stranded as importers of Russian crude are unable to settle on a currency with which to pay for the oil. Payment disagreements between India and Russia have spanned for months now: After Russia had issues repatriating its <a href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">massive stockpile of Indian rupees</a>, it has insisted on using the Chinese yuan, something New Delhi seeks to avoid. The lack of common ground has started impacting the trade between the two major oil partners, as India has recently <a href="https://markets.businessinsider.com/news/commodities/india-mideast-russian-crude-exports-discounts-sanctions-price-cap-puri-2024-1">turned to the Middle East</a> to source its crude imports. And despite millions of Russian barrels ready to offload, there's no indication that could happen soon. An Indian Oil Corp source told Reuters that the firm doesn't anticipate receiving any Sokol grade oil in the near term. That's also as the US has started to clamp down harder on restrictions that aim to curb Moscow's energy trade. Since October, the US Treasury has sanctioned <a href="https://markets.businessinsider.com/news/commodities/russian-economy-oil-markets-india-tankers-sanctions-crude-prices-sokol-2023-12?utm_medium=ingest&amp;utm_source=markets">eight cargo ships</a> that carried crude above the $60 price cap, a measure imposed on Russia following its invasion of Ukraine. In mid-January, India's Petroleum and Natural Gas Minister Hardeep Singh Puri acknowledged that Western sanctions were a factor in pursuing alternative trade: "In the Russian case, it is a question of price cap and it is also a question of some of their shipping entities coming under adverse notice of others."Russia is highly dependent on its energy trade. While <a href="https://markets.businessinsider.com/news/commodities/oil-market-supply-russia-opec-saudi-arabia-us-production-commodities-2023-12">flows have remained high</a>, Moscow's tax revenue from oil and gas still <a href="https://markets.businessinsider.com/news/commodities/russian-energy-revenue-crude-oil-prices-gas-exports-sanctions-ukraine-2024-1">dropped 24% in 2023</a>.

10 million barrels of Russian oil are stuck with nowhere to go

<keyword id="9450522" type="UNKNOWN" weightage="20" keywordseo="indian-oil-refineries">Indian oil refineries</keyword> improved operating run rate to an average of 77 per cent of capacity in May as easing of <keyword id="8976170" type="UNKNOWN" weightage="20" keywordseo="lockdown-restrictions">lockdown restrictions</keyword> helped bring back some of the lost fuel demand, according to oil ministry data. Refineries, which had in April cut down operating rate to as low as 30-40 per cent as lockdown took most vehicles off road, processed 16.34 million tonnes of crude oil in May, 11 per cent more than April but 24 per cent less than a year earlier. <keyword id="6487" type="COMPANY" weightage="20" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword>, which operates the world's biggest oil refining complex at Jamnagar in Gujarat, cut crude processing for a third straight month in May. Its twin refineries operated at an average capacity of 91.72 per cent in May, down from 94.8 per cent in April and 95.4 per cent in March. RIL refineries processed 5.312 million tonnes of crude oil in May, down 12.5 per cent over the previous year. The units had processed 5.314 million tonnes in April. The units produced 6.53 million tonnes of petroleum products in May, down from 7.13 million tonnes a year ago and 6.76 million tonnes in April 2020. Indian Oil Corp (IOC), the nation's biggest oil firm, operated its nine refineries at an average rate of 72.8 per cent in May, up from 53.2 per cent in April. Rosneft-backed Nayara Energy's 20 million tonnes a year Vadinar refinery in Gujarat ran at 91.9 per cent of capacity in May, up from 85.3 per cent capacity in April. India's crude oil production fell 7 per cent to 2.6 million tonnes in May but was higher than April's 2.54 million tonnes. ONGC output was down 2.3 per cent at 1.72 million tonnes mainly due to lower offtake by industries that had been shut due to lockdown. Fields operated by private firms produced over 18 per cent less crude oil, mostly due to lower output from Cairn-operated Rajasthan block. Natural gas production in May dropped 16 per cent to 2.3 billion cubic metres as shutting down of user industries forced companies such as ONGC to cut production. Oil and Natural Gas Corp's (ONGC) output was down 13.2 per cent at 1.8 bcm. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-airtel-share-price-may-gain-as-broadband-plan-rates-fall/articleshow/76525187.cms" data-type="tilCustomLink">Home broadband bills could come down if government cuts its share⁠ — big boost for Reliance Jio and Airtel</a> <a href="https://www.businessinsider.in/india/news/checkout-jagannath-rath-yatra-2020-images-pictures-without-the-lakhs-of-devotees/slidelist/76528249.cms" data-type="tilCustomLink">Contrasting images of the iconic Puri Jagannath Rath Yatra from 2020 and 2019 – without the lakhs of devotees</a>

Oil refineries improve run rate; Reliance cuts crude processing for 3rd straight month

<ul class="summary-list"><li>Payment issues have delayed shipments of Russian Sokol crude oil to Indian Oil Corp.</li><li>India prefers rupee payments, but Russia is unwilling to use the currency. </li></ul>Moscow has been on a drive to <a target="_blank" href="https://www.businessinsider.com/dedollarization-russia-putin-trade-local-national-currencies-yuan-ruble-sco-2023-7">replace the use of the US dollar</a> in international trade, but there are barrels of Russian oil stuck at sea due to issues with paying in alternative currencies.Shipments of Russian Sokol grade crude oil to state-owned Indian Oil Corp, or IOC, have been delayed by payment issues, <a target="_blank" href="https://www.reuters.com/business/energy/payment-woes-delay-supply-russian-sokol-oil-india-sources-2023-12-26/">Reuters</a> reported on Tuesday, citing two sources familiar with the matter. The seller is the state-owned Russian oil company Rosneft.The problem arose because the Rosneft unit selling the oil hasn't been able to open a bank account in the United Arab Emirates to receive payments in the UAE dirham, per Reuters.This delayed six cargoes of Sokol oil the IOC was supposed to receive from late November to December, Reuters reported, citing shipping data. So the cargoes have mostly been lingering at sea around India and Sri Lanka.IOC and Rosneft did immediately respond to requests for comment from Business Insider and Reuters.It isn't immediately clear how much Sokol oil is stuck at sea due to the payment issue.Earlier this month, <a target="_blank" rel="noopener nofollow" href="https://www.bloomberg.com/news/articles/2023-12-20/russia-s-sokol-oil-gets-stuck-on-tankers-while-en-route-to-india?srnd=markets-vp">Bloomberg</a> reported <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russian-economy-oil-markets-india-tankers-sanctions-crude-prices-sokol-2023-12">about five million barrels</a> of Sokol oil that were being shipped from Russia to India never arrived.The problems with paying for Sokol oil highlight issues of dealing with Russia amid sweeping sanctions over its invasion of Ukraine.India has emerged as a major buyer of Russian oil following swathes of Western sanctions against Moscow. This means that dollar trade with Russia is restricted — and this is important since the greenback is the international trade currency of choice.To be able to buy Russian oil, India insisted on settling trades in the rupee earlier this year. That's because using US dollars could expose it to secondary sanctions, and it worries about acquiring rubles at a fair rate on the open market.However, Indian authorities have controls on the rupee, and the currency is not fully convertible — which means it can't easily be changed into another currency.This poses issues for Russia, which was stuck with billions of <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5">rupees in Indian banks</a> earlier this year. India encourages the rupees to be spent in India itself. The <a target="_blank" rel="" href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">problem for Russia</a> is that there's not much it wants to buy from India.To get around its rupee conundrum and reduce its currency risks, Russian officials and oil executives have instead been pushing Indian buyers to pay them in Chinese yuan. It's also subject to controls and is not fully convertible, but Russia imports a lot more from China.Yet the <a target="_blank" href="https://markets.businessinsider.com/news/currencies/india-russia-oil-imports-china-yuan-dirham-currency-rupee-crude-2023-10">Indian government</a> is increasingly uncomfortable with yuan trade since there are currency conversion charges involved and <a target="_blank" href="https://www.businessinsider.com/dedollarization-china-india-brics-common-currency-jim-oneill-economy-dollar-2023-9">geopolitical rivalry</a> between Delhi and Beijing.Another currency Russia could use to trade with India is the UAE dirham — but the UAE is <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-23/uae-tightens-scrutiny-on-russian-firms-amid-pressure-from-us">increasing its oversight</a> of Russian companies.<a target="_blank" href="https://www.businessinsider.com/russia-economy-top-central-banker-nabiullina-more-sanctions-ukraine-war-2023-12">Russia's central bank governor</a> Elvira Nabiullina acknowledged challenges with <a target="_blank" rel="" href="https://www.businessinsider.com/china-russia-alternative-swift-payment-cips-spfs-yuan-ruble-dollar-2022-4">cross-border payments</a> in a recent interview with local media, but added the country's economy has been restructuring rapidly to deal with international sanctions.

Russia wants to topple dollar dominance, but it isn't even able to deliver oil to India with alternative currencies

The cash-strapped government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record increase in excise duty on <keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">petrol</keyword> and <keyword id="6356109" type="UNKNOWN" weightage="20" keywordseo="diesel">diesel</keyword>, that will help make up for revenue it lost in a slowing economy and shutting down of businesses due to <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> lockdown. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low. <div type="Article" hostid="261" msid="75563385" title="The excise duty on petrol rises by ₹10 and on diesel by ₹13 starting May 6" mstype="2" mssubtype="0"></div> This is the second hike in excise duty in less than two months and will help government garner over Rs 1.7 lakh crore in additional revenues annually at 2019-20 level of consumption, industry officials said. Considering the slump in consumption due to travel restrictions imposed by coronavirus lockdown, the gains in the remaining 11 months of the current fiscal year (April 2020 to March 2021) will be close to Rs 1.6 lakh crore, they said. Together with Rs 39,000 crore in annual revenues gained from the March 14 excise duty hike of Rs 3 per litre each on petrol and diesel, the government stands to gain as much as Rs 2 lakh crore. State-owned fuel retailing companies, <keyword id="59622" type="DOMAIN" weightage="20" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> (IOC), <keyword id="170673" type="COMPANY" weightage="20" keywordseo="Bharat-Petroleum-Corp-Ltd">Bharat Petroleum Corp Ltd</keyword> (BPCL) and <keyword id="6374014" type="COMPANY" weightage="20" keywordseo="hindustan-petroleum">Hindustan Petroleum</keyword> Corp Ltd (HPCL) had frozen petrol and diesel prices since March 16, as if anticipating the government move and will now set off gains they accrued from continuing drop in international oil prices against the excise duty hike. Officials said normally retail prices would have changed with any revision in taxes but like March 14, there is no change as the excise duty hike is being adjusted against the gains consumers should have got from Brent crude oil dipping to about USD 18 per barrel - the lowest since 1999. Commenting on the excise duty hike, Vikas Halan, Senior Vice President, Corporate Finance, Moody's Investors Service, said: "Government of India's increase in petrol and diesel taxes by USD 21/barrel and USD 27/ barrel respectively will result in government's tax collection increasing by about USD 21 billion, if the tax hike is maintained for full year. "This reinforces the importance of oil marketing companies to the government of India and validates the support incorporated in our credit assessment of these companies. The tax hike could result in higher working capital outflow for the oil marketing companies, which will partly offset the working capital savings from lower inventory costs." According to a notification issued by the Central Board of Indirect Taxes and Customs, special additional excise duty on petrol has been hiked by Rs 2 per litre and road cess has been hiked by Rs 8 a litre. In case of diesel, special additional excise duty has been hiked by Rs 5 per litre and road cess has been raised by Rs 8 a litre. With this, the total incidence of excise duty on petrol has risen to Rs 32.98 per litre and that on diesel to Rs 31.83. Petrol costs Rs 71.26 a litre in Delhi and a litre of diesel comes for Rs 69.39. Central excise duty makes up for 46 per cent of petrol and diesel price now. After considering local sales tax or VAT, the total tax incidence in the price is as high as 60 per cent. The excise tax on petrol was Rs 9.48 per litre when the Modi government took office in 2014 and that on diesel was Rs 3.56 a litre. The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. It cut excise duty by Rs 2 in October 2017 and by Rs 1.50 a year later. But it raised excise duty by Rs 2 per litre in July 2019. It again raised excise duty on March 14 by Rs 3 per litre. In preparation for the excise duty hike, Finance Minister Nirmala Sitharaman had at the fag end of the Budget session of Parliament took the authorisation to raise excise duty on petrol and diesel by Rs 8 per litre each in future. Sitharaman through an amendment to the Finance Bill, 2020 raised the limit up to which the government can raise special excise duty on petrol and diesel to Rs 18 per litre and Rs 12 per litre, respectively. The March 14 excise duty hike included Rs 2 a litre increase in special additional excise duty and Re 1 in road and infrastructure cess. This hike took the special additional excise duty to maximum permissible limit in law - Rs 10 in case of petrol and Rs 4 in case of diesel. This, through an amendment to the Eighth Schedule of the Finance Act, was increased to Rs 18 per litre in case of petrol and Rs 12 in case of diesel. Government sources said the Centre has taken this step of increasing duty to raise some revenue in view of a tight fiscal situation. This would help in generating the resources to meet expense of coronavirus fight as well as meet other spending needs such as on infrastructure. <div type="Article" hostid="261" msid="75569073" title="Fear and loathing in shopping malls⁠ — the owners call for help in the fight for survival from the coronavirus crash" mstype="2" mssubtype="0"></div>

India to gain ₹1.6 lakh crore this fiscal from record excise duty hike on petrol, diesel

<ul><li>Indian stock market indices opened in green on Thursday.</li><li>The Sensex was trading 0.45% higher, while the Nifty50 was up 0.37%. </li><li>These are the top stocks that are buzzing on D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark stock index, Sensex advanced over 175 points in early trade on Thursday, led by financial stocks and fuelled by foreign funds ahead of the expiry of monthly derivative contracts. The Sensex was trading 0.45% higher, while the Nifty50 was up 0.37%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Housing Development Finance Corp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Cement </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr></tbody></table>*as of August 27 10:40 am These are the top stocks that are buzzing in trade today: ICICI Bank gained over a percent ICICI Bank gained over a percent after the bank said it would sell up to 6.4 million shares (about 2% of the company) of its broking subsidiary ICICI Securities. The market value of 2% stake would be about ₹300 crore. With overall credit demand languishing under the weight of the pandemic, ICICI Bank has been cashing out of its investments. In <a href="https://www.businessinsider.in/finance/banks/news/just-like-sbi-icici-bank-has-created-a-cash-cushion-in-case-bad-loans-rise/articleshow/77140214.cms">June 2020, the country's second largest private bank sold</a> stake in <keyword id="6468827" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life-Insurance">ICICI Prudential Life Insurance</keyword> and ICICI Lombard to raise around ₹3,090 crore. <div type="Article" hostid="261" msid="77776199" title="ICICI Bank's share price is expected to surge as much as 34% in the coming year — despite having more loans under moratorium than other lenders" mstype="2" mssubtype="0"></div> Mahindra &amp; Mahindra Limited shares up over 1% Mahindra &amp; Mahindra share price gained over a percent after the company said it has entered into a memorandum of understanding (MoU) with Israel-based e-mobility technology company REE Automotive to explore development and manufacturing of commercial electric vehicles for global markets. Reports suggest that the joint venture will produce up to 250,000 vehicles in the first few years. More importantly, the partnership will enhance Mahindra Group's capabilities in producing electric vehicles. <div type="Article" hostid="261" msid="77389244" title="M&amp;M’s farm equipment segment may have fueled investors hopes — but analysts aren’t too optimistic about it" mstype="2" mssubtype="0"></div> Sunteck, Godrej Properties and Oberoi Realty and other real estate stocks zoom Sunteck zooms 8%, Godrej Properties gains 5% and Oberoi Realty up over 6% after the Maharashtra government decided to slash stamp duty on sale deed documents by 3% from September 1 to December 31, 2020, and by 2% from January 1, 2021, to March 31 2021. <div type="Article" hostid="261" msid="77757126" title="Indians are borrowing heavily against gold⁠— but it may have been wiser to borrow money to buy the precious metal instead of homes" mstype="2" mssubtype="0"></div> Future Enterprises hit upper circuit Future Enterprises shares hit a 5% upper circuit set by the stock-exchanges after the company said it is considering raising funds through the issuance of bonds. The cash-strapped Future Group <a href="https://www.business-standard.com/article/companies/future-enterprises-board-likely-to-discuss-merger-plan-on-saturday-120082100066_1.html?1597982924">reportedly</a> may merge three of its group companies before selling 50% stake in the combined entity to <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>. This has led to a rally in other group stocks as well, like Future Retail (up 7%), Future Consumer (up 4.3%), and <keyword id="1854044" type="PERSON" weightage="20" keywordseo="Future-Lifestyle">Future Lifestyle</keyword> (up 5%). HAL tanks 11% HAL shares tanked 11% after news surfaced that the Union Government is selling 15% of its equity stake in the state-owned Hindustan Aeronautics Ltd (HAL) at ₹1,001 per share to raise about ₹5,000 crore through an offer for sale (OFS). This government owned defence equipment maker has been a bad investment for shareholders since its listing over 2 years ago. While the government raised a little over ₹4,000 crore from the IPO, the shares have remained below the issue price for nearly the entire time. It did cross the threshold earlier this month, for the first time since the listing, but the exuberance lasted barely a week. Auto stocks tanked despite the expected GST rate revision <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Top losers on Nifty50 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth % </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.26% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.13% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.13% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.56% </td></tr></tbody></table> According to a statement issued by <keyword id="6363932" type="COMPANY" weightage="20" keywordseo="confederation-of-indian-industry">Confederation of Indian Industry</keyword>, Finance Minister Nirmala Sitharaman hinted at a cut in goods and services tax (GST) rate from 28% to 18%. The proposal is expected to be discussed at the 41st GST Council meeting at 11 am today via video conferencing. Allcargo Logistics gains about a percent Allcargo Logistics shares gained nearly a percent during the early trade hours on August 27. The board of directors of Allcargo Logistics is slated to meet today to consider and approve the voluntary delisting of shares. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-in-trade-icici-bank-oberoi-realty-godrej-properties-hal-infosys-mm-itc-rossari-biotech-allcargo-and-more/articleshow/77775215.cms" data-type="tilCustomLink">Top stocks to watch in trade— ICICI Bank, Oberoi Realty, Godrej Properties, HAL, Infosys, M&amp;M, ITC, Rossari Biotech, Allcargo and more</a> <a href="https://www.businessinsider.in/defense/news/china-fires-two-missiles-into-the-south-china-sea-and-asian-markets-feel-the-blow/articleshow/77777358.cms" data-type="tilCustomLink">China fires two missiles into the South China Sea and Asian markets feel the blow</a>

Top stock movers — Future Enterprises, HAL, Suntek, Oberoi Realty, M&M, ICICI Bank, Maruti Suzuki, Bajaj Auto and more

<ul class="summary-list"><li>India bought 1 million barrels of oil from the United Arab Emirates using its own currency instead of US dollars.</li><li>The Indian Oil Corp settled a payment in rupees with the Abu Dhabi National Oil Company.</li></ul><a href="https://www.businessinsider.com/us-dollar-war-global-fight-america-economy-dominance-reserve-currency-2023-7">The dedollarization trend moved one step further</a> this week as India's top oil refiner used a local currency to settle an oil trade with a seller in the United Arab Emirates.Indian Oil Corp ditched the greenback and used rupees to purchase 1 million barrels of oil from Abu Dhabi National Oil Company, the Indian embassy in the UAE said Monday, according to a <a href="https://www.reuters.com/business/energy/india-makes-first-crude-oil-payment-uae-indian-rupees-2023-08-14/#:~:text=Bilateral%20trade%20between%20India%20and,exports%20amid%20slowing%20global%20trade." target="_blank" rel="noopener">Reuters</a> report.Most commodity deals worldwide are typically settled in dollars. But India, the world's third biggest oil importer and consumer, signed a contract last month with the UAE opening the door to use rupees instead of dollars, which would minimize costs by taking out dollar conversions from transactions.The two also agreed to implement a real-time payment mechanism to simplify cross-border transactions.Monday's deal marked India's first crude oil payment to the UAE in rupees. It followed the recent purchase of 25 kg gold by a buyer in India from a UAE exporter using rupees. The moves are the latest in a series of recent maneuvers by mostly non-Western nations to move off the dollar.Dedollarization has gained steam since the US imposed financial sanctions on Russia last year, and countries from China and India to France and Israel have all signaled interest.Leaders from BRICS nations — a bloc that includes Brazil, Russia, India, China, and South Africa — have made a particular push for their own non-dollar currency.Meanwhile, China has been trying to internationalize the yuan to compete against the dollar and has currency agreements with Brazil and Argentina.While the dollar remains dominant as a method of payment, Stephen Jen, the chief executive of Eurizon SLJ Capital, wrote in a note earlier this year that the dollar's share of global reserves declined sharply in 2022, deteriorating at about <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-global-reserves-china-euro-russia-ukraine-war-greenback-2023-4?_gl=1*br6dfl*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY5MjIwNzU3NC4xMTc0LjEuMTY5MjIxMzMxOC41OS4wLjA.">10 times the average pace</a> seen in the last two decades.

India just ditched the dollar and used its own currency to buy a million barrels of oil from the UAE

<ul class="summary-list"><li>A Russian oil ship has been floating 1,600 miles off the shores of India for 10 days.</li><li>Bloomberg reports the ship was unable to dock and is awaiting instructions from the Indian government.</li></ul>A Russian oil ship has been drifting 1,600 miles off the coasts of India as the nation mulls whether or not to let the ship dock. The NS Century oil tanker was on track to dock in India after completing its journey from South Korea, but has now been adrift for 10 days, Bloomberg reported on Monday. That's because Indian officials are struggling with the decision over whether or not to let the tanker unload its cargo, with instructions still yet to be sent from the Indian government, India's Directorate Generale of Shipping said.The ship was on track to land at India's Vadinar port, where the Indian Oil Corp has a facility and Nayara Energy, the Indo-Russian energy giant, has a refinery. But the NS Century's cargo doesn't belong to Nayara's refinery, a Nayara spokesperson told Bloomberg on Monday.Nayara and Indian Oil Corp. did not immediately respond to Business Insider's requests for comment on the ship or its cargo.That debate over whether or not the ship can dock comes shortly after the West has moved to tighten restrictions on Russian oil, with the US sanctioning five shipping vessels, including the NS Century, for trading Russian oil above the G7's $60 price cap last week.The cap is part of an attempt to curb Moscow's energy revenue as Russia's invasion of Ukraine drags on, an issue India has chosen to stay strategically neutral on since the war began in 2022, though the country<a href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4"> was among Russia's top oil customers</a> last year, Kpler data shows.India is under pressure to remain on good terms with the US, and Russian oil shipments sent to India have recently encountered a few hiccups as <a href="https://markets.businessinsider.com/news/currencies/india-russia-oil-imports-china-yuan-dirham-currency-rupee-crude-2023-10">India grows uneasy</a> of paying for crude using China's yuan. As of October, the nation had at least seven oil shipments from Russia that had not been paid, Reuters originally reported.

A Russian oil ship has been floating 1,600 miles off the shore of India for over a week as officials mull whether to let the sanctioned tanker dock

<ul class="summary-list"><li><keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">Oil</keyword> from Russia's far east is skirting the usual buyers in <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> and heading to <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>, according to Bloomberg. </li><li>Four cargoes carrying Russian ESPO oil are on the way to the east coast of India, up from three last month. </li></ul><keyword id="12688402" type="UNKNOWN" weightage="60" keywordseo="crude" source="Orion">Crude</keyword> from Russia's far east is heading to India even though typically those barrels are favored by Chinese buyers, according to a <a href="https://www.bloomberg.com/news/articles/2022-07-22/china-facing-competition-for-its-favorite-russian-oil-from-india?utm_source=google&amp;utm_medium=bd&amp;cmpId=google">Bloomberg</a> report. Four cargoes carrying Russian ESPO oil are en route for the east coast of India, where an Indian Oil Corp refinery is located. That is up from three vessels last month, and just one in April, a Vortexa analyst told Bloomberg. These vessels can typically reach China in about five days, though the trade is usually not called upon by Indian buyers due to the much longer distance from the Russian loading port in Kozmino. Additionally, per the report, ESPO crude shipments are transported in vessels that ferry smaller volumes. The prices are likely cheaper than other grades from the Persian Gulf and West Africa, however, which likely sparked an uptick in purchases, traders told Bloomberg. At the same time, tankers that carried sanctioned Iranian oil are now taking Russian crude to Asia, according to Vortexa. The research firm added that the number of ship-to-ship transfers involving <a href="https://markets.businessinsider.com/news/commodities/russian-oil-exports-asia-china-india-dark-shipping-tankers-iran-2022-7">vessels with their signals turned off is growing</a>.Meanwhile, European cargoes carrying <keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> have been <a href="https://markets.businessinsider.com/news/commodities/eu-cargoes-russia-oil-sea-trade-ukraine-war-sanctions-putin-2022-7">traveling huge distances </a>and making transfers at sea to deliver crude ahead of new European Union sanctions which set in December 5, the Wall Street Journal reported earlier this week. As Europe prepares to halt deliveries of the fuel, <a href="https://markets.businessinsider.com/news/commodities/eu-cargoes-russia-oil-sea-trade-ukraine-war-sanctions-putin-2022-7">Greek tanker owners</a> have ramped up activity. While they account for about a third of the global fleet, they moved about half of Russian crude volumes over May and June.

Russian oil that usually goes to China is heading to India as competition for cheap crude ramps up

<keyword id="41896" type="COUNTRY" weightage="100" keywordseo="Iran">Iran</keyword> will cut some benefits to Indian state-run refiners on crude purchases after the South Asian country decided to reduce the amount of oil it buys from the <keyword id="386457" type="UNKNOWN" weightage="20" keywordseo="Persian-Gulf">Persian Gulf</keyword> nation, people with knowledge of the matter said. 
 <keyword id="261045" type="COMPANY" weightage="20" keywordseo="National-Iranian-Oil-Co">National Iranian Oil Co</keyword>. will cut the credit period on crude oil sales to 60 days from 90 days for refiners such as <keyword id="152137" type="COMPANY" weightage="20" keywordseo="Mangalore-Refinery-Petrochemicals-Ltd">Mangalore Refinery &amp; Petrochemicals Ltd</keyword>. and <keyword id="59622" type="CITY" weightage="20" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword>., the people said, asking not be identified as the matter isn't public yet. Iran will also reduce the discounts it offers on the shipping of crude to 60 percent from 80 percent, they added. 
 The lower incentives will make Iranian purchases costlier and less competitive in a world awash with crude oil where rivals such as <keyword id="50996" type="COUNTRY" weightage="20" keywordseo="Saudi-Arabia">Saudi Arabia</keyword> and <keyword id="6355112" type="COUNTRY" weightage="20" keywordseo="Iraq">Iraq</keyword> are seeking to expand their markshare. Iran's crude sales to India more than doubled in 2016 after the lifting of sanctions over its nuclear program. India is Iran's second biggest customer and the emerging center of global oil demand. 
 India in turn, is using the supply glut to put pressure on <keyword id="44333" type="COMPANY" weightage="20" keywordseo="Tehran">Tehran</keyword> for securing development rights to the Farzad-B gas field in the Persian Gulf, which was discovered by an Indian consortium led by <keyword id="46585" type="COMPANY" weightage="20" keywordseo="ONGC-Videsh-Ltd">ONGC Videsh Ltd</keyword>. about a decade ago. Iran and India were aiming to conclude an agreement on developing the field by February. The South Asian nation, which stood by Iran during the sanctions, is seeking to invest as much as $20 billion in Iran's energy industry and ports. 
 
Cutting Purchases 
 Indian state-run refiners told Iran last month that they would cut oil purchases by 3 million tons during the financial year that started April 1, the people said. <keyword id="55574" type="CITY" weightage="20" keywordseo="MRPL">MRPL</keyword> and <keyword id="6354412" type="COMPANY" weightage="20" keywordseo="indian-oil">Indian Oil</keyword> will reduce imports by 1 million tons each, while <keyword id="124595" type="COMPANY" weightage="20" keywordseo="Hindustan-Petroleum-Corp">Hindustan Petroleum Corp</keyword>. and <keyword id="124594" type="COMPANY" weightage="20" keywordseo="Bharat-Petroleum-Corp">Bharat Petroleum Corp</keyword>. will cut purchases by about half a million tons each, according to the people. 
 
India's overall oil imports from the Persian Gulf nation touched 19.8 million tons during April-December last year, compared with 12.7 million tons in the 2015-16 financial year, according to oil ministry data. 
 Iran's Oil Minister <keyword id="1921589" type="UNKNOWN" weightage="20" keywordseo="Bijan-Namdar-Zanganeh">Bijan Namdar Zanganeh</keyword> said "there are many other customers" if India decides to cut imports, the state-run <keyword id="1168062" type="ORGANIZATION" weightage="20" keywordseo="Islamic-Republic-News-Agency">Islamic Republic News Agency</keyword> reported on April 5. Reuters earlier reported Indian state refiners will cut oil imports from Iran by a fifth. 
 India's Oil Minister <keyword id="197418" type="PERSON" weightage="20" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> said April 6 that it's up to the state refiners to decide on Iran crude volumes. 
 MRPL spokesman <keyword id="4394862" type="UNKNOWN" weightage="20" keywordseo="prashanth-baliga">Prashanth Baliga</keyword> couldn't comment immediately, while an Indian Oil spokesman declined to comment. National Iranian Oil Co.'s public relations office in Tehran didn't respond to an email and two calls seeking comment.

You Searched For "Indian Oil Corp" and got 11 results

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Iran to cut benefits on oil sales to India. Here's why

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