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<ul class="summary-list"><li>Shares of companies with ties to Russia have rallied since Trump won the US election.</li><li>Russia-linked stocks have struggled since the invasion of Ukraine in 2022.</li></ul>Stocks tied to Russia have risen since Donald Trump won the US presidential election as investors hope that he follows through on campaign rhetoric on bringing an end to the war in Ukraine. Raiffeisen Bank International, an Austrian bank, has seen its stock surge 12.2% to a seven-month high since the market closed on Tuesday. Hungary-based OTP Bank soared 4.9% in that time. Both banks have operations in Russia. Turkey-based construction firm Enka Insaat, meanwhile, is up 8.6% since Tuesday.Shares of companies with ties to Russia plunged following the invasion of Ukraine in 2022, as investors fled the country over fears that sanctions would hobble the economy and hurt firms doing business there. After the invasion, the US and Europe employed widespread sanctions to cut off the Kremlin's war revenue. The moves forced many companies to exit the country and made doing business difficult for those that remained. The debt market has also responded to Trump's win, with Ukraine's dollar-denominated bonds <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/ukraine-bonds-trump-wins-us-election-russia-war-zelenskyy-2024-11?_gl=1*ty5p3r*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDk5OTY0My4zNzYuMS4xNzMwOTk5NjQ1LjU4LjAuMA..">rallying since the election</a>. On Wednesday, bonds tied to Ukraine's GDP soared to their highest level since before the war began.Investors are hoping that Trump will follow through on pledges made during his campaign to help end the war in Ukraine, which has been going on for nearly three years. During his debate against Vice President Kamala Harris in September, Trump promised to settle the war even before becoming president and said he would speak to both Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin to work out a deal. In July, he said he could <a target="_blank" href="https://www.businessinsider.com/trump-wont-end-ukraine-war-in-a-day-russia-says-2024-7?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*w77vj8*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDk5OTY0My4zNzYuMS4xNzMxMDAwMDY4LjYwLjAuMA..">end the conflict in less than a day</a>.Recent reports say Trump's advisors have <a target="_blank" href="https://www.businessinsider.com/trump-advisors-peace-plans-ukraine-demilitarized-zone-no-aid-russia-2024-11">set out plans to end the war</a> with approaches like a demilitarized zone between the two countries.Analysts, though, have voiced concerns that Putin has <a target="_blank" class="" href="https://www.businessinsider.com/putin-no-hurry-end-ukraine-war-no-matter-wins-election-2024-11">more to gain from prolonging the war</a> than ending it, posing a challenge to any dealmaking efforts by Trump.In a <a target="_blank" href="https://x.com/ZelenskyyUa/status/1854073411904938032">post on X</a>, Zelenskyy congratulated the president-elect and appeared hopeful his term could change the war's trajectory."I appreciate President Trump's commitment to the 'peace through strength' approach in global affairs. This is exactly the principle that can practically bring just peace in Ukraine closer," Zelenskyy wrote.

Stocks tied to Russia rally as Trump's win fuels hopes for an end to the Ukraine war

<ul class="summary-list"><li>Russian imports of goods from China surged in September.</li><li>A new trade agreement between Russia and China was finalized in late August.</li></ul>Russia's imports of goods from China increased sharply last month, a sign that Moscow is leaning more heavily on Beijing after the two countries affirmed their economic ties.China exported around 80 billion yuan worth of goods to Russia in the month of <a target="_blank" href="http://english.customs.gov.cn/Statics/2c024a8b-3aea-4f87-a405-046557ad558f.html">September</a>, a 9% increase from the 73 billion yuan worth of goods it exported the prior month, according to Chinese customs data published on Tuesday. That's larger than the increase recorded over the last several months, with Chinese exports to Russia rising 3% in <a target="_blank" class="" href="http://english.customs.gov.cn/Statics/21dcbdc9-a5c7-4ce5-8884-d45f6ab35488.html">August</a> and 1% in <a target="_blank" class="" href="http://english.customs.gov.cn/Statics/672cd557-3c4e-48bb-8e7c-40cc02a20c7e.html">July</a>.The surge of trading activity follows a fresh <a target="_blank" href="https://www.cnn.com/2024/08/21/europe/china-li-qiang-russia-belarus-trip-intl-hnk/index.html">cooperation agreement</a> Russia and China finalized in late August, which vowed, among other things, to deepen trade ties. The deal reaffirmed the "<a target="_blank" class="" href="https://www.businessinsider.com/russia-ukraine-war-putin-china-trade-partnership-economy-moscow-beijing-2024-4">no limits</a>" <a target="_blank" class="" href="https://www.reuters.com/world/china/moscow-beijing-partnership-has-no-limits-2022-02-04/">partnership</a> Moscow and Bejing have sought to expand since 2022, which took both country's <a target="_blank" class="" href="https://www.businessinsider.com/china-russia-trade-record-ukraine-war-xi-jinping-vladimir-putin-2024-1">trade with one another to a fresh record</a> last year."Our trade relations are not only developing but flourishing, thanks in part to the efforts of our Chinese friends," Russian President Vladimir Putin said in a meeting with China's premier, Li Qiang, per a Kremlin <a target="_blank" href="http://en.kremlin.ru/events/president/news/74910">transcript</a> of the event. "The attention and commitment shown by both governments towards the development of trade and economic relations have yielded positive results."Total trade between Russia and China notched 1.28 trillion yuan from the start of the year through September, up 3.5% from the same period last year, customs data shows.Moscow has grown more reliant on Beijing as an economic partner since being targeted by Western sanctions in 2022. Trade restrictions from the West have pushed Russia into an increasingly <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-putin-moscow-budget-isolation-west-sanctions-2023-12">isolated position</a> in global markets, economists say, with countries like <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-russia-china-barter-trade-us-secondary-sanctions-payments-2024-8">China</a> and India among the nation's small circle of major trading partners.Russia's trade with China has stumbled recently, however, due to payment issues abroad. In August, most Chinese banks were reportedly <a target="_blank" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">refusing to process payments from Russia</a> after the US threatened to impose secondary sanctions on institutions helping Russia continue to do business and fund its war in Ukraine.

Russia's imports from China surged in September as Moscow and Beijing deepen economic ties  

<ul class="summary-list"><li>Russian President Vladimir Putin is meeting leaders from China, India, Vietnam, and Indonesia amid heavy sanctions.</li><li>Russia seeks to end diplomatic isolation by engaging with "swing nations" beyond autocratic allies.</li></ul>Russian President Vladimir Putin is having a very social year as his country continues to wage war in Ukraine.So far, Putin has met top leaders from Asian countries including <a target="_blank" class="" href="https://www.businessinsider.com/putin-bromance-xi-jinping-display-china-remains-wary-russia-2024-5">China,</a> <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-india-modi-putin-hug-west-isolation-big-blow-2024-7">India,</a> <a target="_blank" class="" href="https://www.businessinsider.com/vietnam-russia-putin-visit-us-wary-manufacturing-supply-chain-diplomacy-2024-6">Vietnam,</a> and <a target="_blank" class="" href="http://en.kremlin.ru/events/president/news/74678">Indonesia.</a> That's plenty of publicity for a heavily sanctioned individual from a country facing sweeping trade restrictions.And there's a strategic reason for all those meetings, Sean McFate, an adjunct professor at the Syracuse University Maxwell School of Citizenship and Public Affairs, told Business Insider.Russia is trying to emerge from diplomatic isolation and is looking to forge strategic relationships beyond autocratic partners like China, North Korea, and Iran, McFate said."Putin is eyeing strategic swing nations like India, which opposes China and trades with Russia," he added. "That gives Russia some advantage over China, as their relationship has chilled somewhat."On Wednesday, Putin rubbed shoulders with <a target="_blank" class="" href="https://www.bernama.com/en/news.php?id=2336886">Malaysian Prime Minister</a> Anwar Ibrahim in Russia. The two countries were set to discuss a range of issues, including trade and investment.This meeting came on the heels of Putin's trip to <a target="_blank" class="" href="https://www.businessinsider.com/mongolia-explained-oil-why-didnt-arrest-putin-2024-9">Mongolia,</a> where he met President Ukhnaagiin Khürelsükh.Mongolia, as a member of the International Criminal Court, should have <a target="_blank" class="" href="https://www.businessinsider.com/putin-visiting-mongolia-icc-arrest-warrant-could-arrest-unlikely-expert-2024-8">arrested Putin,</a> who has an ICC arrest warrant against him.But the East Asian nation said it couldn't throw Putin in jail because it depends on Russia — an oil and gas giant — for its energy security."This supply is critical to ensure our existence and that of our people," a Mongolian government spokesperson told <a target="_blank" class="" href="https://www.politico.eu/article/mongolia-failure-arrest-vladimir-putin-international-warrant-international-criminal-court/">Politico.</a><h2 id="f0d1f4e5-36a9-4e82-ba4c-d30ab06a9d6a">It's about neutrality — and the economy</h2>Mongolia's explanation underscores the scale of Russia's economy. It's the 11th largest in the world and has an annual GDP of about $2 trillion, according to the <a target="_blank" class="" href="https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?most_recent_value_desc=true">World Bank.</a>While Russia's economy pales in comparison to the US' $27.4 trillion GDP, Russia is still an important partner for many developing economies.In particular, <a target="_blank" class="" href="https://www.eia.gov/tools/faqs/faq.php?id=709&amp;t=6.">Russia</a> accounts for about one-tenth of the world's oil production, making it an important resource supplier.Before its full-scale invasion of Ukraine, Russia's single largest trading partner was the European Union.In the last two years, Russia has managed to pivot to supplying <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">China and India,</a> as well as nearly anyone who wants to buy discounted energy, be it <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/sri-lanka-source-crude-oil-imports-russia-sanctions-fuel-shortage-2022-10">Sri Lanka</a> when it was in an economic meltdown just two years ago or <a target="_blank" class="" href="https://www.reuters.com/business/energy/turkey-saves-2-bln-russian-oil-imports-soar-despite-sanctions-2023-12-18/">Turkey</a> — a NATO member and aspiring EU member.While some countries, like China and Vietnam, have historical ties with Russia, others, like India and Sri Lanka, have also cited economic self-interest for their ongoing relationship with Russia — particularly if they're in difficult conditions themselves. Most, if not all of them, have also taken a neutral position on the war in Ukraine.Serik Zhumangarin, Kazakhstan's deputy prime minister, told <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-16/kazakhstan-will-not-blindly-follow-sanctions-on-russia-official-says">Bloomberg</a> last month that the country would no longer "blindly follow the sanctions" if the restrictions impact the country's key companies. Russia was Kazakhstan's largest trade partner before the war started.He told the media outlet that some of the sanctions against Moscow had hurt Kazakhstan more than Russia, and the West has done nothing to compensate the Central Asian nation.Using the economy to explain cozy diplomatic relationships with Russia appears to be gaining favor now that the Ukraine war is in its 31st month.After all, Russia is a <a target="_blank" class="" href="https://www.businessinsider.com/russia-resilience-sanctions-costly-unattainable-isolate-large-globally-integrated-economy-2024-2">large and globally integrated economy</a> that even the <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-lng-natural-gas-exports-europe-price-asia-2024-8">European Union</a> is still trying to decouple from.Even China, which in 2022 declared its friendship with Russia as a partnership with "no limits," now appears to be more keen on presenting the relationship in more pragmatic, businesslike terms.Just last month, <a target="_blank" class="" href="https://www.fmprc.gov.cn/chn/gxh/tyb/zyxw/202408/t20240821_11477597.html">China framed</a> Vice Premier Li Qiang's visit to Russia as one that seeks "complementary advantages and huge potential for practical cooperation" between Moscow and Beijing.<h2 id="1d83462f-51a7-4e76-82db-0f7f3244cb44">Russia is wooing the Global South</h2>Partnering with Russia on economic terms is unlikely to alarm the US and Europe, even if there are <a target="_blank" class="" href="https://www.state.gov/briefings/department-press-briefing-july-8-2024/">concerns</a> and <a target="_blank" class="" href="https://www.reuters.com/world/asia-pacific/us-rebukes-vietnam-ahead-expected-visit-by-russias-putin-2024-06-17/">strong criticism.</a>"Russia's foreign policy blitz is unlikely to be a threat to the EU and NATO," Syracuse University's McFate said.That's because Moscow is not making military alliances with partner countries to attack Europe, which views Russia as its top threat, he said. For the US, Russia is a distant second after China.Even so, there still may be changes afoot.Moscow is pushing a narrative of the Global South as a force in shaping an alternative world order, with the emerging nations of <a target="_blank" class="" href="https://www.businessinsider.com/brics-summit-countries-interested-brazil-russia-india-china-south-africa-2023-8">BRICS</a> — anchored by Brazil, Russia, India, China, and South Africa — forming an economic bloc.Russia is the BRICS chair this year, and Putin has invited Mongolia to join the group's summit in October. Malaysia applied to join the group, and <a target="_blank" class="" href="https://en.antaranews.com/amp/news/324871/joining-brics-based-on-president-elect-prabowos-decision-minister">Indonesia</a> is also considering an invitation to join the bloc. <a target="_blank" class="" href="https://www.reuters.com/world/middle-east/no-concrete-step-turkey-brics-membership-erdogans-party-says-2024-09-03/">Turkey</a> has also said it's interested in joining the group. "Indonesia, Malaysia, and Mongolia are an interesting test of those nations' 'neutrality' toward China, the US, international law (e.g., ICC), and the authority of the United Nations system," McFate said.Russia's push for a multipolar world order resonates with countries who desire a more equitable international order. And Moscow has shown it does have influence over lower- and middle-income countries, as evidenced by the non-participation or low-level participation of some Asian countries in June's Ukraine peace summit in Switzerland, Derek Grossman, a senior defense analyst at RAND, a think tank, wrote in a July <a target="_blank" class="" href="https://www.rand.org/pubs/commentary/2024/07/russia-is-a-strategic-spoiler-in-the-indo-pacific.html">commentary</a> for Foreign Policy."While Russia's sway is not at the level of China's or the United States', it is certainly enough to promote its anti-Western interests and disrupt the already precarious regional order," wrote Grossman.Countries around the world are weighing the dynamics."Regional allies will watch with interest to see if great powers can be played off each other," McFate said.

More countries are openly flaunting their ties with Putin. They say it's just business. 

<ul class="summary-list"><li>Russia's Sberbank says it is processing transactions with India smoothly, despite Western sanctions.</li><li>Sanctions prevent Sberbank from using US dollars, euros, and the SWIFT network.</li></ul>Sberbank — Russia's largest lender — has no problems processing payments with India, a top executive told <a target="_blank" class="" href="https://www.reuters.com/business/finance/russias-sberbank-says-india-business-booming-despite-western-sanctions-2024-09-03/">Reuters on Tuesday.</a>"Sberbank is a full participant in all Indian payment and interbank systems," Anatoly Popov, Sberbank's deputy CEO, told Reuters. "There are no restrictions on its operations."State-controlled Sberbank has been sanctioned by the <a target="_blank" class="" href="https://home.treasury.gov/news/press-releases/jy0608">US</a> and the <a target="_blank" class="" href="https://www.reuters.com/business/finance/new-eu-sanctions-russia-target-sberbank-commission-head-tells-paper-2022-04-16/">European Commission.</a> It cannot process transactions in the US dollar, the euro, and via the SWIFT bank messaging network.But Sberbank — which processes up to 70% of Russian exports to India — has pivoted to transactions in rubles and rupees for its trade with India. Popov told Reuters that nine out of 10 transactions involving these currencies take just a few hours to complete.This is in contrast with transactions that involve <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">Chinese banks</a>, who are so spooked by US secondary sanctions that many of the larger banks have stopped processing payments with Russia.Popov told the news agency that business between India and Russia boomed in 2022 following sweeping sanctions over Moscow's full-scale invasion of Ukraine. The South Asian country became an "alternative" market for Russia.Reuters reported that Sberbank boosted its presence in India, expanding its staff count by 150% this year.While India has become a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">top buyer of Russian oil,</a> there are fewer Indian products Russia needs.Last year, Russia acknowledged there were <a target="_blank" rel="" class="" href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5">problems with billions of Indian rupees</a> it had made from exports to India, which it needed to con. The amount has fallen since as Russian firms have managed to use the money to pay Indian exporters, <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/currencies/india-russia-central-banks-renew-talks-mechanism-expand-local-currency-trade-2024-08-14/">Reuters</a> reported last month.

Russia's largest bank says it has no problems transacting with India

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19938893" type="General" weightage="20" keywordseo="defence-exports" source="keywords">defence exports</keyword> have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking. The report stated that the <keyword id="20861069" type="General" weightage="20" keywordseo="global-shift" source="keywords">global shift</keyword> towards a China+1 strategy and the impact of the <keyword id="20016971" type="General" weightage="20" keywordseo="Russia-Ukraine-war" source="keywords">Russia-Ukraine war</keyword> offer India additional opportunities to fill supply chain gaps, potentially boosting its share in the <keyword id="23046732" type="General" weightage="20" keywordseo="global-defence-industry" source="keywords">global defence industry</keyword>. The report noted that the country's long-term goal is to become a global defence manufacturing hub is driven by Defence Public Sector Undertakings (DPSUs), private enterprises, start-ups, and MSMEs. "Indian defence exports have grown multi-fold from INR 15 bn in 2017 to INR 210 bn in 2024 at a CAGR of 46%. The China + 1 strategy and the Russia-Ukraine war provides an additional opportunity for India to fill the gap created in the supply chain and hence increase its contribution to the global defence industry," the report read. The report added that to achieve this target a well-developed domestic ecosystem is crucial as lower import content in products accelerates approvals by reducing international conflicts. The report added that the Ministry of Defence has taken key initiatives to attract Indian private players and global Original Equipment Manufacturers (OEMs) include establishing aerospace parks and defence corridors, fast-tracking project approvals, and enhancing development and testing facilities. Highlighting the potential in India's Maintenance, Repair, and Overhaul (MRO) segment the report explained that it holds a significant potential for global aerospace companies due to its technical expertise and cost-competitive solutions. "India provides a huge opportunity in the <keyword id="23046733" type="General" weightage="20" keywordseo="MRO-segment" source="keywords">MRO segment</keyword> for global aerospace leaders given the expertise the country provides as well as the cost efficiency solutions compared to its global competitors" the report added. India aims to increase domestic defence turnover to Rs 3 lac crore by 2029, Rs 500 billion targeted for exports. This growth will help reduce the Government of India's import bill as India remains the world's largest importer of defence equipment. Under the Atmanirbhar Bharat initiative of the government, 75 per cent of the defence capital outlay is now reserved for domestic players, up from 49 per cent in FY21. Given the geopolitical challenges and modernisation needs of its Armed Forces, the report added that India plans to invest Rs 8.3 lac crore in domestic procurement, offering substantial business opportunities for local companies. "India intends to place orders worth INR 8.3 trn through domestic procurement and thus it presents a massive business opportunity for local players" it added. As per the Ministry of Defence, India's defence manufacturing sector has witnessed an increase of 16.8 per cent in the fiscal year 2023-24. This significant increase marks the highest-ever growth in the country's defence production value. The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year's figures.

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

<ul class="summary-list"><li>Russia drafted plans to covertly purchase critical goods from India, the Financial Times said. </li><li>According to leaked documents, Moscow considered investing in Indian factories to support critical production.</li></ul>Russia covertly turned to India to secure critical electronic supplies and sensitive goods, according to leaked documents cited by the <a target="_blank" href="https://www.ft.com/content/101afcd6-8e6f-4b5f-89b0-98f48cd5d119">Financial Times</a>.In October 2022, Russia's industry and trade ministry made plans to spend around $1 billion worth of Indian rupees on trade channels that would operate outside Western scrutiny, the outlet said.According to the FT, the project was disclosed in letters sent to a shadowy trade group with ties to Moscow's secret services.The organization — the Consortium for Foreign Economic Activity and International Interstate Cooperation in Industry — was asked to develop a plan on how to source critical electronic components in India.Central to these efforts was Russia's massive trove of Indian rupees. As Western sanctions bore down on Moscow for its war in Ukraine, Russia was left unable to repatriate rupee profits from its ballooning oil trade with India.By the summer of last year, the Kremlin was amassing as much as <a target="_blank" href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">$1 billion worth of rupees per month</a> without a way to convert or spend the currency.The Consortium's plan offered some way out, FT said.Under its scheme, rupees would be spent to secure dual-use components through a "closed payment system" between Russian and Indian firms, the outlet cited.This would provide a steady inflow of electronic equipment originally bought in Western markets, the leaked letters said.Further funds could be directed toward investments in Indian electronic factories, that would provide Russia with needed information infrastructure, FT said.Though it's unclear how much of this plan went into effect, customs data tracked by FT align with the operation's goals.For instance, the leaked correspondence outlined that rupees would be used on electronics and machinery purchases from India — since mid-2022, trade has soared steeply in these categories.Separately, an Indian businessman with knowledge of the matter told the FT that Russia has since looked into creating facilities in India.For the Kremlin, continued access to electronic components is imperative as Russia's fighting in Ukraine drags on through its third year. Since 2022, <a target="_blank" href="https://www.businessinsider.com/russia-economy-growth-recession-labor-worker-shortage-inflation-sanctions-west-2024-9">sanctions have grown much tighter</a>, gradually cutting off Russia's access to <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">key financial lifelines</a>.

Russia built a secret trade channel with India, leaked documents show

<keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="153" meta.entityid="Tata Motors">Tata Motors</keyword> on Wednesday said it has tied up with <keyword id="20243465" type="General" weightage="20" keywordseo="Delta-Electronics-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Delta Electronics India" meta.hostid="153" meta.entityid="Delta Electronics India">Delta Electronics India</keyword> and <keyword id="22863979" type="General" weightage="20" keywordseo="Thunderplus-Solutions" source="keywords" meta.keywordsubtype="org" meta.entityname="Thunderplus Solutions" meta.hostid="153" meta.entityid="Thunderplus Solutions">Thunderplus Solutions</keyword> to set up <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> for its range of <keyword id="21658969" type="General" weightage="20" keywordseo="electric-commercial-vehicles" source="keywords">electric commercial vehicles</keyword> (CVs). As part of the MoU inked between the parties, 250 new fast-charging stations for electric commercial vehicles would be set up across the country. Strategically located in and around over 50 cities, including Delhi, Mumbai, Chennai, Bengaluru, Pune, and Kochi, among others, these new charging stations will significantly increase the existing network of 540 commercial vehicle charging points, Tata Motors said in a statement. Basis its understanding of the commercial EV movement, the commercial vehicle major will recommend optimal locations and nearest dealerships for setting up the fast-charging stations, the company said. While Delta Electronics will supply the necessary hardware, Thunderplus Solutions will install and operate them, it added. E-commerce companies, parcel and courier service providers, among other industries, are increasing the adoption of commercial EVs for last-mile deliveries. "Expanding the available charging infrastructure on high-use routes will encourage more customers to opt for electric commercial vehicles and improve vehicle uptime, resulting in higher revenues and better profitability, while contributing towards a cleaner, greener environment," Tata Motors Commercial Vehicles Vice President and Business Head -- SCV &amp; PU -- Vinay Pathak said. Currently, Tata Motors sells Ace EVs to cater to various last-mile delivery requirements. The model is supported by over 150 electric vehicle service centres across the country. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Tata Motors ties up with two firms to expand charging infra for electric CVs

Islamabad: Foreign Minister Ishaq Dar has said that <keyword id="19991528" type="General" weightage="100" keywordseo="trade-ties" source="keywords">trade ties</keyword> between Islamabad and New Delhi have remained suspended since 2019 due to the imposition of "heavy duties" by <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> on imports from Pakistan after the <keyword id="20579845" type="General" weightage="20" keywordseo="Pulwama-attack" source="keywords">Pulwama attack</keyword>. In a written reply submitted to the <keyword id="19935944" type="General" weightage="20" keywordseo="national-assembly" source="keywords">National Assembly</keyword> on Saturday, Dar, who also holds the deputy prime minister's slot, said: "India decided to impose 200 per cent duty on imports from Pakistan, suspended the Kashmir bus service and trade across the Line of Control after the Pulwama attack." According to the Dawn newspaper, Dar was responding to a question by Pakistan Peoples Party lawmaker Sharmila Faruqui seeking details about trade challenges faced by Pakistan in its relations with neighbouring countries, especially India. In March, during a press conference in London, Dar highlighted the eagerness of Pakistan's business community to resume trade activities with India. However, his office later clarified that Pakistan has no plan to resume trade relations with India which has been "non-existent" since 2019. Pakistan downgraded its ties with India after the <keyword id="20467268" type="General" weightage="20" keywordseo="indian-parliament" source="keywords">Indian Parliament</keyword> suspended Article 370 on August 5, 2019, a decision that Islamabad believed undermined the environment for holding talks between the neighbours. "We have consistently advocated constructive engagement and result-oriented dialogue to resolve all outstanding issues, including the core issue of Jammu and Kashmir with India...," Dar said on Saturday. The foreign minister said that the "onus is now on Delhi to take steps for the creation of an environment that is conducive to peace and dialogue". India has been maintaining that it desires normal neighbourly relations with Pakistan while insisting that the onus is on Islamabad to create an environment that is free of terror and hostility for such an engagement. Islamabad and New Delhi have a long history of strained relations, primarily due to the Kashmir issue as well as the cross-border terrorism emanating from Pakistan.

Trade ties with India suspended due to 'heavy duties': Pakistan Foreign Minister

<ul class="summary-list"><li>Russia could offer support to the Iran-backed Houthis as they menace key shipping lanes.</li><li>A senior US State Department official said Moscow is engaging with the rebels at a "serious level."</li></ul>Russia could decide to help the Houthis with their Red Sea attacks and is engaging with the Iran-backed rebels at a "serious level," a senior US State Department official said.The Houthis have long received <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-battles-best-iranian-tech-red-sea-admiral-2024-10">extensive support from Iran</a>, including weapons and training, which the rebels have relied on over the past year to carry out attacks on military and civilian vessels transiting key Middle Eastern shipping lanes.But the State Department has grown increasingly concerned in recent months that the Houthis could be receiving assistance from another country: Russia, US Special Envoy for Yemen Tim Lenderking told Business Insider in a recent interview."It does seem as though there is a fairly serious level of engagement happening," Lenderking said of the Houthis and Russia. "We are particularly concerned about the kind of equipment that would really enable the Houthis to be more accurate in their targeting of US and other ships in the region — that would enhance the Houthi capability to strike those targets."<div type="image" title="Russian President Vladimir Putin exits his limousine as he arrives at Red Square in Moscow earlier this month." height="3456" width="5184" msid="115428314" hostid="261" sizebytes="326430"></div>Lenderking said the US has discussed the situation at "high levels" with Saudi Arabia, a partner nation that fought the Houthis for years, and with Russia as well. The relationship between Washington and Moscow has been fraught with tension since the latter invaded Ukraine in February 2022.The US has also made efforts to convey messages to the Houthis. Lenderking said that the Yemeni rebels appear to be determined to strike the American and European warships that have spent the past year <a target="_blank" class="" href="https://www.businessinsider.com/photo-nato-warship-destroys-drone-boat-red-sea-rescue-mission-2024-8">defending merchant shipping</a> from their relentless attacks."The fact that the Russians might assist in this effort is diabolical," Lenderking said. "It's a very strong concern."The full scope of Russian support for the Houthis is unclear. Some Western media reports suggest that Moscow has already provided the rebels with <a target="_blank" class="" href="https://www.wsj.com/world/russia-provided-targeting-data-for-houthi-assault-on-global-shipping-eabc2c2b">targeting data</a> and <a target="_blank" class="" href="https://www.nytimes.com/2024/10/25/us/politics/russia-houthis-weapons.html">small arms</a> and was considering supplying them with missiles — a development that could significantly escalate the conflict.The Houthis are known to have received help from outside of Yemen. A <a target="_blank" class="" href="https://www.businessinsider.com/houthis-got-help-from-iran-others-for-dangerous-weapons-un-2024-11">recent United Nations report</a> found that the rebels have been getting weapons, training, technical assistance, and financial support from Iran, Lebanese Hezbollah, and armed Iraqi groups.<div type="image" title="Newly affiliated Houthi fighters shout slogans while attending a demonstration against Israel and in solidarity with Palestinians in Yemen in October." height="3651" width="5476" msid="115428315" hostid="261" sizebytes="1188336"></div>Russia and Iran have <a target="_blank" class="" href="https://www.businessinsider.com/satellite-images-show-russian-cargo-ship-transported-iranian-ballistic-missiles-2024-9">increased their military ties</a> since the start of the Ukraine war. Tehran has provided Moscow with lethal aid, including missiles and drones similar to what it has given the Houthis in previous years. Both countries have been isolated on the world stage over their malign actions and involvement in Ukraine.The Houthis have used their arsenal of missiles and drones over the past year to tirelessly carry out attacks on <a target="_blank" class="" href="https://www.businessinsider.com/satellite-images-show-difficult-mission-save-stricken-red-sea-tanker-2024-9">military and civilian vessels</a> in the Red Sea and Gulf of Aden, a campaign that the rebels claim is connected to the Israel-Hamas war.American forces <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-weapons-expenditure-cost-middle-east-conflicts-2024-10">operating in the region</a> in defense of the merchant shipping lanes are frequently tasked with intercepting Houthi threats. Just last week, for instance, <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-destroyers-unscathed-after-missile-exploding-drone-houthi-attack-2024-11">two US Navy destroyers</a> had to fend off a complex missile and drone attack.The US also routinely <a target="_blank" class="" href="https://www.businessinsider.com/f-35-variants-seen-combat-after-fighter-struck-houthis-2024-11">carries out airstrikes in Yemen</a>, targeting rebel missile systems, weapons storage facilities, and other sensitive sites in an effort to curb their ability to carry out the attacks.Lenderking said that the Houthis still "maintain the ability to launch pretty aggressively at passing ships," but the US is committed to keeping shipping lanes open in the Red Sea.

Russia's engagement with the Houthis as they lob missiles at ships is getting 'serious,' US official says

<ul class="summary-list"><li>North Korea is solidifying ties with Russia, a change from its usual focus on China.</li><li>Analysts told Business Insider that China may benefit from that friendship.</li></ul>Russian President Vladimir Putin on Thursday appeared to confirm reports that <a target="_blank" class="" href="https://www.businessinsider.com/how-kim-north-korea-stops-troops-defecting-ukraine-russia-brutal-2024-10">North Korea</a> had sent thousands of troops to eastern Russia.It pointed to deeper ties between the two authoritarian regimes, which could extend to North Korean soldiers fighting in Ukraine.Some analysts say North Korea's main backer, China, will be unhappy about the <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-troops-aid-russia-what-means-for-ukraine-war-2024-10">intensifying of relations.</a>"There is nothing good for them in this, short or long term," Victor Cha, a Korea expert at the Center for Strategic and International Studies in Washington, <a target="_blank" class="" href="https://www.nytimes.com/2024/10/23/world/asia/north-korea-ukraine-russia-china.html">told The New York Times</a>.China's foreign affairs ministry on Thursday said only that it was "not aware of the relevant situation" between Russia and North Korea.Experts told Business Insider that the bland statement could mask a situation that is in fact to China's benefit.<h2 id="05eb6f05-22de-4f05-898d-98ecbcb4fc5b">An authoritarian nexus</h2>"Officially, they might not really welcome it, they might see it as an alarming situation," said Jagannath Panda, head of the Stockholm Center for South Asian and Indo-Pacific Affairs."But the Chinese are waiting for an opportunity where North Korea, Russia, and China can come stronger together, and I think North Korea sending the troops to Russia is a testimony to that."Panda said that China's strategic goal is to build an authoritarian nexus that would undermine the current world order. The growing alliance between North Korea and Russia, he said, is a step toward that.China has enough influence over both Russia and North Korea to shape their alliance, according to Sari Arho Havrén, an associate fellow at the UK's Royal United Services Institute.China has provided Russia with <a target="_blank" class="" href="https://www.businessinsider.com/russia-and-china-anti-us-coalition-is-growing-more-threatening-2024-9">crucial diplomatic and economic support </a>as it has faced sanctions over its invasion.The US has said China is also giving Russia increased support for its weapons industry.For North Korea, China has long been its most important ally, providing trade, diplomatic support, and military aid to Kim Jong Un."It is worth keeping in mind that North Korea and Russia have not moved closer without China's blessing," said Havrén, who specializes in China's foreign policy."Both are dependent on China and to let them do the public dirty work allows China to continue driving on two wagons simultaneously," she said.One thing that might worry Beijing, she said, is that the alliance drives South Korea closer to its rivals in NATO and Japan.<h2 id="0fe691e2-fbce-46d0-9bab-3178fdc42dfc">Closer than ever</h2>Not everyone agrees that China favors the alliance. Ali Wyne, a senior Eurasia advisor at the Crisis Group think tank, called the Russia-North Korea alliance an "unanticipated diplomatic headache" for China."While Pyongyang cannot afford to alienate Beijing, this outcome suggests that North Korea feels increasingly comfortable defying China's wishes, not only by increasing its nuclear and missile provocations in the Indo-Pacific but also by fueling an armed conflict in a different theater at a time when Beijing seeks to portray itself as a potential peacemaker," said Wyne.Jim Hoare, a former UK diplomat who was posted to North Korea, told BI that even if China was frustrated by North Korea's increasing closeness to Russia, it should bide its time."I suspect that they will hope that the North Korea-Russia relationship will, as in the past, eventually sour and that the North will again turn to China, which has a much longer tradition of links," said Hoare.

North Korea is cozying up to Russia. For China, that may be no bad thing.

<ul class="summary-list"><li>Russia is training North Korean troops to use combat drones, a Ukrainian official told BI.</li><li>Andrii Kovalenko told BI that the new combat skills "pose a threat to both Ukraine and South Korea."</li></ul>Russia is now training North Koreans in drone operations and other modern warfare techniques, a Ukrainian official told Business Insider.Andrii Kovalenko, the head of Ukraine's Center for Countering Disinformation, said in a statement to BI that "Russia is training North Korean soldiers to operate strike UAVs and reconnaissance drones."There are also plans to send Russian FPV drone instructors to Pyongyang, the North Korean capital, for further training opportunities, he said.<a target="_blank" class="" href="https://x.com/CforCD/status/1853795637709475945">In a post earlier this week on X</a>, Kovalenko said that the troops were also receiving training in using Lancet drones.This training, taking place under live combat conditions, "poses a threat to both Ukraine and South Korea, as some of these soldiers will transfer their skills back to North Korea," he told BI.Business Insider was unable to independently confirm his statements.Kovalenko's remarks come as Ukraine calls on its international allies to react more strongly to North Korean troops joining forces with Russia.Kovalenko said that, once back in North Korea, those receiving the training could use their skills "for future terrorist actions in the border areas with South Korea."Late last month, US Secretary of State Antony Blinken <a target="_blank" rel=" nofollow" class="" href="https://www.youtube.com/watch?v=AYakkoQox3Q">said</a> that up to 8,000 North Korean troops had been <a target="_blank" rel="" class="" href="https://www.businessinsider.com/north-korean-troops-ukraine-russia-kursk-8000-front-lines-2024-11">moved to the Russian region of Kursk,</a> and he predicted that they would enter the fighting shortly.On Monday, Ukrainian President Volodymyr Zelenskyy upped that number to 11,000 and said: "We see an increase in the number of North Koreans, and we do not see an increase in the reaction of our partners," <a target="_blank" class="" href="https://kyivindependent.com/number-of-north-korean-troops-in-kursk-oblast-increases-to-11-000-zelensky-says/">per the Kyiv Independent</a>.Experts have told BI that the direct combat experience North Korean troops will get fighting Ukraine is a <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-military-officials-helping-russia-ukraine-win-for-kim-2024-10">massive boon</a> for the secretive state, which has not seen major combat since the 1950s.Kovalenko said on Monday that <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-soldiers-attacked-under-fire-russia-kursk-ukraine-official-2024-11">the first North Korean troops had already come under fire</a> in Kursk.In his remarks to BI, he said that since then, "daily battles" with North Korean troops had occurred, with Ukraine regularly shelling their positions.South Korea recently said it was mulling sending weapons to Ukraine, a move that experts <a target="_blank" class="" href="https://www.businessinsider.com/south-korea-ukraine-weapons-big-difference-russia-north-korea-2024-10">told BI</a> could be a significant help — but which it has long been reluctant to make.In October, Kim Jong Un modified North Korea's constitution to redefine its southern neighbor as a <a target="_blank" class="" href="https://www.bbc.co.uk/news/articles/c1wnxlxxwq2o">"hostile state"</a> and <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-south-korea-blowing-roads-rail-links-tensions-war-2024-10">blew up roads</a> connecting the two territories.The increase in hostilities comes after <a target="_blank" class="" href="https://www.businessinsider.com/russia-deals-north-korea-iran-no-laughing-matter-ukraine-experts-2024-3">deepening ties</a> between Moscow and Pyongyang following Russia's full-scale invasion of Ukraine in February 2022.

Russia is passing on deadly drone techniques to North Korea, Ukraine official tells BI

<ul class="summary-list"><li>Kim Jong Un has ordered the mass production of attack drones, North Korean media reported.</li><li>The move comes after the country ratified a mutual defense treaty with Russia.</li></ul>North Korean leader Kim Jong Un ordered the mass production of exploding drones on Thursday, according to North Korean state media.This comes just a week after a Ukrainian official told Business Insider that North Korean soldiers were receiving training from Russian forces on the use of drones.According to state media outlet KCNA, per a translation by news aggregator <a target="_blank" class="" href="https://kcnawatch.org/newstream/1731624047-386598930/respected-comrade-kim-jong-un-guides-performance-test-of-suicide-attack-drones-of-various-types/">KCNA Watch</a>, Kim oversaw tests of various drones before instructing the country's defense industry.Kim emphasized the need to build "a serial production system as early as possible and go into full-scale mass production."<div type="image" title="A drone takes off during a test of suicide attack drones on November 14, 2024. Picture and information is a state media handout and unverified by independent journalists. The drones have been blurred out by state media." height="673" width="1000" msid="115335199" hostid="261" sizebytes="52152"></div>The news agency released partially redacted images showing Kim watching tests of cruciform-style attack drones, as well footage of a BMW and an armored vehicle, both apparently destroyed in the tests.Kim emphasized how cheap drones were and remarked on the race to develop attack-drone capabilities worldwide, the news agency said.<div type="image" title="This photo provided by the North Korean government shows a burning vehicle during tests of drones designed to crash into targets, at an undisclosed location in North Korea, Thursday, Nov. 14, 2024." height="750" width="1000" msid="115335197" hostid="261" sizebytes="56624"></div>Kim also oversaw drone tests in August, where he called for several types of drone to be developed, including reconnaissance and underwater drones, <a target="_blank" class="" href="https://www.reuters.com/world/asia-pacific/north-koreas-kim-jong-un-oversees-drone-test-2024-08-25/">Reuters reported at the time, citing state media.</a>Attack drones that explode on impact have been a major feature of the war in Ukraine.Russia has made widespread use of <a target="_blank" class="" href="https://www.businessinsider.com/russia-lancet-drone-hampering-ukraine-exposing-poor-air-defenses-2023-6">Lancet drones</a> as well as <a target="_blank" class="" href="https://www.businessinsider.com/irans-drones-are-the-new-blueprint-for-international-warfare-2024-4">Iran-designed Shahed drones</a> in attacks both on Ukrainian military positions as well as critical domestic infrastructure.Ukraine has also relied heavily on drones to combat Russia's larger military force.There are growing concerns about closer ties between Russia and North Korea.North Korea ratified a <a target="_blank" class="" href="https://www.businessinsider.com/kim-jong-un-says-russia-north-korea-allies-putin-bromance-2024-6">mutual defense treaty</a> with Russia this week, which stipulates that the two countries would come to each other's aid in the event of an attack.<div type="image" title="Kim Jong Un has been an ally to Putin during Russia's war on Ukraine." height="1877" width="2813" msid="115335198" hostid="261" sizebytes="111736"></div>North Korea has also steadily increased its military cooperation with Russia. Ukraine claims that up to 11,000 North Korean troops have been sent to help push back Ukrainian forces in Kursk.The soldiers are <a target="_blank" class="" href="https://www.businessinsider.com/new-details-first-ukraine-attack-north-korea-troops-russia-kursk-2024-11">operating in Russian uniforms</a> and are scattered among Russian divisions fighting in the Ukrainian-held part of western Russia, Andrii Kovalenko, the head of Ukraine's Center for Countering Disinformation, <a target="_blank" class="" href="https://www.businessinsider.com/russia-passing-deadly-drone-techniques-to-north-korea-ukraine-official-2024-11">told Business Insider.</a>Last week, Kovalenko <a target="_blank" class="" href="https://www.businessinsider.com/russia-passing-deadly-drone-techniques-to-north-korea-ukraine-official-2024-11">told BI</a> that "Russia is training North Korean soldiers to operate strike UAVs and reconnaissance drones."This training, taking place under live-combat conditions, "poses a threat to both Ukraine and South Korea, as some of these soldiers will transfer their skills back to North Korea," he said.Kovalenko also said there were plans to send Russian drone instructors to Pyongyang, the North Korean capital, for further training of North Korean personnel."North Korea may use these skills for future terrorist actions in the border areas with South Korea," he said.BI was unable to independently verify his statements.The exact terms of the military exchange with Russia are not known, but North Korea <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-military-officials-helping-russia-ukraine-win-for-kim-2024-10">experts told BI</a> that the country is likely getting not only economic aid but also technical assistance. The deal likely offers the state leverage to ask for advanced Russian weapons systems or their designs.The partnership brings another advantage for North Korea: much-needed live combat experience and technical know-how.North Korean troops have not seen significant combat since the 1950s."It's a win-win situation," Joseph S. Bermudez Jr., a North Korea defense expert at the Center for Strategic and International Studies, told BI last month.Kim is getting access to foreign technology, he said, and also "access to real-world combat information to improve his defensive and offensive capabilities."

North Korea orders mass production of attack drones after seeing Russia's tactics up close

<ul class="summary-list"><li>Saudi Arabia could flood the market with oil to regain control of prices.</li><li>This would create a difficult situation for Russia, which is reliant on higher crude prices. </li></ul>Russia's wartime economy could face a tougher time securing needed oil revenue if Saudi Arabia tanks global crude prices.The kingdom has reportedly signaled that crude <a target="_blank" href="https://markets.businessinsider.com/news/commodities/saudi-arabia-opec-oil-production-cuts-crude-prices-middle-east-2024-10">could drop as low as $50 a barrel</a> if the Organization of Petroleum Exporting Countries does not commit to reducing oil output.In other words, Riyadh is hinting that it could flood the market with oil supply, analysts say. The move would slash prices and penalize OPEC members who have not cooperated in reducing oil flows — including Russia."With Russia already selling its oil at discounted rates and with higher production costs, a low-price environment in oil markets may impact its ability to finance its aggression in Ukraine," Luke Cooper, a research fellow at the London School of Economics, <a target="_blank" href="https://www.ips-journal.eu/topics/foreign-and-security-policy/will-oil-decide-the-fate-of-the-russia-ukraine-war-7836/">wrote for the IPS Journal</a>.Saudi Arabia, the de facto leader of OPEC, has been trying to keep oil above $100 per barrel by pushing for member states to cut production.But with <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">international crude</a> hovering below the $80 mark, this hasn't worked. To shift strategy sources told the Financial Times that <a target="_blank" href="https://markets.businessinsider.com/news/commodities/saudi-arabia-oil-prices-brent-crude-outlook-opec-production-cuts-2024-9">Riyadh now plans to turn on its taps</a> by December."Saudi Arabia is fed up," Simon Henderson, director of the Bernstein Program on Gulf and Energy Policy at The Washington Institute, told Business Insider. "Leadership of OPEC is a multifaceted responsibility. It can work well, but it's also like herding cats — pretty damn impossible, at least some of the time."<a target="_blank" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/080824-opec-produces-437000-bd-above-quota-in-first-month-of-compensation-cuts">S&amp;P Global Ratings</a> data counts Russia among the overproducers in OPEC+. According to its last available data, Moscow produced 122,000 barrels above its daily quota in July. Iran and Kazakhstan also breached agreed-upon thresholds.<h3 id="60a31c17-d810-4adf-87a8-d604514ebe43">The Kremlin's dilemma</h3>Henderson suggested that some coalition members might be doing this to maximize profits.In Russia's case, Moscow is facing pressure to rake in as much as it can, as its war in Ukraine has ballooned defense and security spending in three years of war. These sectors will collectively account for <a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-defense-budget-spending-ukraine-war-putin-sanctions-2024-10">40% of all federal expenditures in Russia next year</a>.Russia's finances, meanwhile, are heavily dependent on oil revenue. A few years ago, gas and oil production made up <a target="_blank" href="https://www.reuters.com/business/energy/russia-reducing-share-budget-revenue-gas-oil-minister-says-2024-10-10/">35%-40% of the nation's budget revenue</a>, the country's finance minister said this week.It's for this reason that the West has been so focused on curbing Russian oil profits. Consider the Group of Seven's $60 price cap on Moscow's crude: though the two-year initiative has <a target="_blank" href="https://www.dallasfed.org/research/economics/2024/0514">not panned out as hoped</a>, it was considered to be a key to keeping oil supply stable while denying the Kremlin much needed revenue.Russia has been able to circumvent these caps <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-sanctions-oil-trade-shadow-fleet-tankers-ukraine-war-economy-2024-8">using unregistered "shadow" tankers</a>, but Riyadh's $50 per barrel threat might be harder to overcome.Things could turn sour if Saudia Arabia's supply dump reignites an oil price war between Russia and the kingdom. Henderson <a target="_blank" href="https://www.washingtoninstitute.org/policy-analysis/saudi-arabia-signals-oil-policy-shift">suggested this could happen</a>, referring to a similar event that occurred in 2020.That year, production cut disagreements prompted both nations to unleash supply, testing who could survive this low-price environment longer.In these situations, foreign exchange reserves become essential, which is problematic for Russia. Since invading Ukraine, the country's insurance against low oil prices has dissipated. Russia's National Wealth fund was nearly <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-bleeding-money-liquid-reserves-national-wealth-fund-war-2024-1">halved at the start of this year,</a> and it is no longer able to source Western currencies to diversify its foreign exchange reserves.It remains to be seen whether President Vladimir Putin will want to engage in a price war with Riyadh, given his other, more immediate priorities, Henderson said.Predicting the Kremlin's moves is hard, he said, given many unknowns tied to Russia's oil sales.However, some kind of confrontation with Saudi Arabia may be stirring. This week, Russia's deputy prime minister Alexander Novak said it's <a target="_blank" href="https://www.reuters.com/business/energy/russia-says-too-early-say-if-market-ready-extra-oil-dec-2024-10-09/">unclear whether OPEC should increase oil output at its December meeting</a>, as signaled by Saudi Arabia.If things do take a turn for the worst, Cooper sees a potential price war as bad news for Russia. "Unlike Saudi Arabia, its oil is not cheap to extract, making it poorly equipped to deal with low-price conditions. This drives a short-term escalatory logic for Russia's war on Ukraine, requiring rapid battlefield successes prior to the emergence of low-price oil market conditions."

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Stocks tied to Russia rally as Trump's win fuels hopes for an end to the Ukraine war

Kelly Cloonan

Russia's imports from China surged in September as Moscow and Beijing deepen economic ties

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More countries are openly flaunting their ties with Putin. They say it's just business.

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