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India Reduce Oil Imports from Russia for Third Consecutive Month

RUSSIA
  • India reduced imports from Moscow for the third consecutive month in August to 1.57 million barrels a day, down 24% on the month and bringing them to their lowest since January, according to data intelligence firm Kpler. India’s consumption of Russian crude has soared since last year as refiners vied for heavily discounted shipments.
  • A Board Member of state lender VTB said the bank is not expecting a reduction in the 12% key rate before mid-2024, “unless something extraordinary happens”, Vedomosti report. Board Member believes the unscheduled increase in the key rate on August 15 was not associated with threats to financial stability, but due to a sharp increase in pro-inflationary risks.
  • Foreign Minister Sergei Lavrov holds talks with his Turkish counterpart Hakan Fidan where the Black Sea grain deal will be on the agenda. A news conference is scheduled for 1430BST/1630 local time.
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