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Free AccessRUSSIA: Modi to Visit Russia July 8 in Bid to Boost Ties
- Indian Prime Minister Narendra Modi will visit Moscow on July 8 to boost the ties between India and Russia, The Tribune reported. It notes that the trip is significant, not just because it is a standalone visit - which means that it is not being clubbed with the BRICS summit which is expected to take place in Kazan in October - but also because it comes soon after Modi took charge of the government for the third term and after President Putin was re-elected in March.
- India’s state-owned refiners are locked in talks with Russia to secure a term deal for crude supplies, Bloomberg report. Led by Indian Oil Corp., the refiners want 26 to 30 Urals cargoes a month for the current fiscal year. India has taken record volumes of Russian crude after western buyers shunned its oil. Arrangements have allowed India to benefit from a flood of discounted barrels to feed domestic energy demand.
- There are no major economic releases scheduled for today. Looking ahead, industrial production figures for May will cross on Wednesday (Est: +2.3% Y/Y; Prior: +3.9%) while the final release of Q1 current account data will cross on Friday (Prior: $25.20bn).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.