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RUSSIA: Modi to Visit Russia July 8 in Bid to Boost Ties

RUSSIA
  • 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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