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Russian Military Supplies to India Stalls; Crude Oil Supply to China Rises

RUSSIA
  • Russian deliveries of military supplies to India have ground to a halt as the countries struggle to find a payment mechanism that doesn’t violate US sanctions, Bloomberg report, according to Indian officials with knowledge of the matter. India is unable to settle the bill in US dollars due to concerns about secondary sanctions, while Russia remains unwilling to accept rupees due to exchange-rate volatility, the officials said.
  • Russian crude oil supplies to China rose by 32.7% in January-March 2023 y/y to over 25.2mln tons, the General Administration of Customs of China reported on Friday.
  • Weekly money supply data is on the docket today, there are no speaker events scheduled.

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