#eu

India Purchases Russian Oil for National Development, Not to Aid Russia Russian Ambassador Denis Alipov emphasized that India’s procurement of crude oil from Russia is driven by its own energy requirements and national development goals, not to support Russia’s economy. During an interview with DD News, Alipov clarified that India’s purchases are a strategic decision to meet its domestic needs rather than a gesture of solidarity with Moscow. He stated, “India does not buy Russian oil for the sake of helping Russia. It is buying oil for itself and its own national development.” Alipov further noted that Moscow remains committed to fulfilling India’s energy demands, ensuring that the country receives “as much oil as it needs.” He criticized Western sanctions and tariffs imposed on Russian energy exports, calling them a tactic to exert pressure rather than foster genuine cooperation. “Those who impose sanctions and tariffs have adopted a strategy of pressure instead of honest cooperation,” he said, adding that such measures have failed to compel India to offer better trade terms. The surge in India’s oil imports from Russia has been significant since 2022, driven by Western restrictions. European Union and G7 nations imposed price caps and sanctions on Russian energy exports, disrupting global markets. As a result, India emerged as one of the largest buyers of Russian crude, becoming the world’s second-largest importer after China. This shift has allowed India to secure energy supplies at competitive prices while bypassing Western-imposed limitations. However, the U.S. has also imposed tariffs on Russian oil imports, complicating the situation. In 2023, the U.S. levied a 25% tariff on goods from India, including energy imports, but this was temporarily suspended following a trade agreement between New Delhi and Washington.#india #russia #eu #denis_alipov #dd_news

Binance uses MiCA workaround to keep some EU customers: report Binance has continued serving and onboarding some European Union customers more than two months after missing the bloc’s MiCA licensing deadline, using regulatory provisions and offshore routing while it seeks authorization elsewhere. According to a Bloomberg report, the world’s largest crypto exchange has remained active in parts of the 27-member bloc despite withdrawing its Greek Markets in Crypto-Assets application in June and entering July without the authorization required for EU-wide operations. People familiar with the matter said Binance has relied partly on MiCA’s “reverse solicitation” provision, which permits certain services when customers approach an unlicensed crypto company on their own initiative instead of being targeted through marketing. Binance has interpreted the provision as allowing it to onboard new customers who independently seek out the platform, the people said. Trading for some EU-based customers has meanwhile been routed through a Binance entity in Abu Dhabi, where the business operates under a different regulatory framework, according to the report. The arrangements have allowed Binance to maintain part of its European business while pursuing MiCA authorization. Binance said in a statement that it follows regulations in jurisdictions where it operates and remains committed to doing business in the EU on a “long-term, compliant basis.” “We are actively working toward becoming MiCA-authorised and view this as an important step in providing users with a consistent, regulated, and trusted service across the European market,” the exchange said. Binance has kept some EU customers after the MiCA deadline Binance’s continued presence follows months of uncertainty over what would happen to its European operations after the July 1 licensing cutoff.#eu #esma #binance #christine_lagarde #miCA

Binance Blocks HTX and EXMO. Sixteen Platforms Cut Off Amid Sanctions Push Binance has announced it will block transactions with 11 cryptocurrency platforms starting 23 August, including HTX and EXMO, as part of broader efforts to comply with global sanctions. The move follows earlier actions by the exchange, which had already restricted access to five smaller platforms—Shelbit, Aban Tether Exchange, A7 Nigeria, A7 Africa, and PilotFinance—earlier in August. Binance attributed the decision to "recent regulatory developments" but did not specify which actions triggered the changes. The affected platforms total 16, aligning with the 14 crypto-related entities listed in the EU’s 21st Russia sanctions package, adopted in July, plus Shelbit and Aban Tether, which were added separately by the U.S. Treasury on 7 August. Other exchanges had already begun limiting exposure to HTX before Binance’s announcement. According to Finance Magnates, transfers linked to HTX were being rejected by Bybit and Telegram Wallet prior to the news. HTX, formerly known as Huobi, has contested its designation under UK sanctions, arguing that the designation applies only to a separate legal entity rather than the exchange itself. The UK’s sanctions authority, however, stated that HTX is covered through common ownership with the entity named in the designation. HTX’s daily spot trading volume has dropped sharply, from over $5 billion in late 2025 to $572.8 million as of 14 August, according to CoinGecko. EXMO, on the other hand, has taken a more definitive stance, announcing it will wind down operations entirely rather than contesting the designation. This contrasts with HTX’s approach, highlighting the varying responses from platforms facing sanctions. Binance’s own compliance record remains under scrutiny. In November 2023, the exchange paid approximately $4.#us_treasury #eu #binance #htx #exmo

UK Records Hottest Day of Year as Fifth Summer Heatwave Intensifies The United Kingdom experienced its hottest day of the year so far, with temperatures reaching 38.1°C at Kew Gardens in London, surpassing the previous record of 38°C set on 28 June. This surge in heat coincided with a broader European heatwave, as parts of the continent endured temperatures exceeding 40°C under a persistent heat dome. The Met Office confirmed that the UK is on track to have its hottest summer since records began, with 2026 likely to mark the first year the country records four separate days of 36°C or higher. Across Europe, the heatwave intensified, with France reporting 17 consecutive days of extreme heat—a record for the region. In Bordeaux, temperatures hit 39°C, while Nantes reached 37°C. Paris recorded 37°C, and Montpellier saw 35°C. Spain faced similarly severe conditions, with Miranda de Ebro hitting 42.4°C, raising concerns over wildfire risks. In the UK, Charlwood in Surrey recorded 37.1°C, the second-highest August temperature since 2003, while Teddington in London and Pershore College in Worcestershire reached 36.1°C and 36°C, respectively. Wales also saw temperatures climb to 35°C. The Met Office issued an amber extreme weather warning for east and south-east England, including London, the Midlands, and parts of Yorkshire and Humber. An extreme heat alert was also activated for all of England, highlighting the potential strain on health and social care services until 9pm on Friday. The prolonged heat has led to widespread drought conditions, with nearly three-quarters of England and all of Wales in drought. This has exacerbated water shortages for households, agriculture, and the environment, while also reducing river flows on the Danube, disrupting thermal power plants in Romania and Hungary.#uk #eu #met_office #kew_gardens #danube

India's Russia Oil Imports Face Western Criticism as Diplomatic Tensions Rise The Indian foreign minister, S. Jaishankar, delivered a pointed response to Western criticism of India's continued oil imports from Russia during a panel discussion in Finland. Addressing accusations that India is supporting Russia's war efforts in Ukraine, Jaishankar emphasized that European and U.S. nations are the ones providing weapons to Russia, while India has not engaged in any actions that harm Europe. "The West, Europe, and the U.S. must be treated this way," he stated, accusing the West of being "patented immoral prostitutes" who have "destroyed the world for 500 years." Jaishankar's remarks came amid growing tensions over global energy markets. He explained that India's decision to import Russian oil is driven by economic necessity and market conditions. "We are buying Russian oil because of price and availability," he said, noting that India has historically sourced oil from the Middle East. However, after the Russia-Ukraine war disrupted supply chains, European nations imposed sanctions on Russian oil, leading to a surge in global oil prices. This shift forced India to seek alternative sources, including Russian oil, to maintain energy security. The U.S. and European Union have criticized India's reliance on Russian oil, arguing that it undermines efforts to isolate Russia economically. In 2022, then-U.S. President Joe Biden reportedly urged India to continue importing Russian oil to stabilize global prices, stating that it was "necessary for price stability." Jaishankar reiterated this point, warning that India cannot afford to ignore the economic realities of the situation. Finland, a key European Union member, publicly supported India's energy security decisions during the panel discussion.#india #russia #s_jaishankar #eu #finland

India Condemns Pakistan's Statements on Jammu and Kashmir, Criticizes EU Involvement India has strongly condemned Pakistan's recent statements regarding Jammu and Kashmir, labeling them as unacceptable and emphasizing that the region is an integral part of its territory. The Indian government's response came in reaction to a joint statement issued by Pakistan and the European Union, which referenced both the Russia-Ukraine conflict and the status of Jammu and Kashmir and Ladakh. India's foreign ministry spokesperson, Randeep Jaiswal, stated that such remarks are irrelevant and that the issue of Jammu and Kashmir is an internal matter for India. He reiterated that no third party, including the EU, should interfere in India's internal affairs. The joint statement by Pakistan and the EU, released after a bilateral meeting in Islamabad, included references to the ongoing conflict in Ukraine and the disputed status of Jammu and Kashmir. Pakistan had previously raised the Kashmir issue in international forums, often framing it as a matter of human rights and self-determination. India, however, has consistently rejected such claims, asserting that the region is an inseparable part of its territory. Jaiswal emphasized that India's position on the matter has remained unchanged, and any attempt to internationalize the issue is unwarranted. India's stance was further reinforced by its criticism of the EU's involvement in the matter. The Indian government has long opposed any external interference in its territorial disputes, and this incident is part of a broader pattern of diplomatic friction with Pakistan. Earlier this year, India had also rebuked Pakistan for raising the Kashmir issue in a joint statement with China, accusing it of undermining India's sovereignty.#pakistan #india #jammu_and_kashmir #eu #randeep_jaiswal

India's delayed but significant update to its climate commitments under the Paris Agreement has finally arrived. A section of the agreement, which requires all countries except the United States to revise their targets every five years since 2020, saw India and Argentina as the only G-20 nations without updated Nationally Determined Contributions (NDCs) for 2035 until recently. India’s Environment Minister had pledged at COP30 in November 2025 to finalize the update by year-end, which was achieved before the end of Financial Year 2025-26. The latest NDCs commit India to achieving 60% non-fossil energy capacity by 2035, reducing emissions intensity by 47% compared to GDP, and establishing a carbon sink between 3.5 and 4 billion tonnes of CO2. This surpasses India’s 2020 targets of 50% non-fossil capacity, 45% emissions intensity reduction, and a carbon sink of 2.5 to 3 billion tonnes. The European Union has set a 40%-49% emissions reduction target below 2005 levels, while India, as a developing nation, avoids annual emissions cuts. Instead, it focuses on lowering carbon intensity per unit of energy and increasing non-fossil power generation. India also pledged net-zero by 2070 through expanding forest cover and adopting technologies like carbon capture, utilization, and storage. Officials assert that India’s 2035 goals are achievable, noting that the country already met its 2030 non-fossil target with 52% installed capacity. However, challenges persist. Only 25% of generated power is non-fossil due to inadequate battery storage, which limits the ability to harness solar and wind energy fully. The Power Ministry’s National Generation Adequacy Plan projects 70% of India’s 1,121 GW installed capacity by 2035-36 to come from non-fossil sources.#india #eu #environment_minister #cop30 #paris_agreement

Indian Markets Likely to Open Positive Amid Global Gains and Regional Tensions Indian equity markets are expected to open on a positive note on Wednesday, driven by gains in global markets. Traders are likely to adopt a cautious wait-and-watch approach ahead of the US Federal Reserve’s policy decision later in the day. However, some uncertainty may persist due to ongoing foreign investor outflows and the escalating Iran-Israel-US conflict. Key factors influencing the market include discussions between India and the European Union on energy security amid the West Asia crisis. External Affairs Minister S Jaishankar addressed these concerns during high-level talks in Brussels with EU member states. The Reserve Bank of India (RBI) also injected Rs 48,014 crore into the banking system through a seven-day variable rate repo (VRR) auction, providing temporary liquidity. Finance Minister Nirmala Sitharaman announced plans to ramp up domestic LPG production to ensure uninterrupted cooking gas supply to households during the ongoing crisis. Meanwhile, the Ministry of Electronics and IT (MeitY) projected that India’s digital economy will account for 20% of the country’s GDP by 2030, growing at twice the rate of the broader economy. The sugar sector remains under close scrutiny, with industry body ISMA reporting India’s sugar production at 26.21 million tonnes for the 2025-26 marketing year, a 10.5% increase from the previous year. Globally, US markets closed higher on Tuesday as oil prices rebounded amid the Iran conflict, with investors focusing on the Fed’s upcoming decision. Asian markets followed Wall Street’s positive trend, trading mostly in the green. Domestically, Indian equity benchmarks ended higher for the second consecutive day on Tuesday, with the BSE Sensex rising 0.75% to 76,070.#india #reserve_bank_of_india #s_jaishankar #eu #us_federal_reserve

West Asia tension: India reviews situation with Russia, EU India’s external affairs minister, S Jaishankar, engaged in diplomatic discussions with Russia’s foreign minister, Sergey Lavrov, and the European Union’s foreign policy chief, Kaja Kallas, amid escalating tensions in West Asia. The talks, held via teleconference, focused on assessing the conflict’s impact and coordinating efforts to de-escalate the situation. Jaishankar emphasized the importance of bilateral cooperation and shared India’s perspectives on diplomatic initiatives aimed at resolving the crisis. A Russian readout of the conversation highlighted the ministers’ agreement on accelerating the normalization of the Iran situation and supporting the role of the Shanghai Cooperation Organisation (SCO) and the BRICS nations in fostering a sustainable resolution. The discussions underscored the need to balance the legitimate interests of all parties involved, with a focus on creating conditions for peace. Jaishankar also addressed India’s broader strategic partnerships, reaffirming commitments to regional stability. Meanwhile, Prime Minister Narendra Modi reiterated assurances about the safety of Indian citizens in the region, criticizing opposition leaders for stoking fear and panic over the conflict. Modi’s remarks came amid growing concerns about the potential impact of the war on India’s energy security, particularly regarding the Strait of Hormuz, a critical chokepoint for global oil supplies. India’s diplomatic engagement with Russia and the EU reflects its strategic balancing act in the region. The country has been actively involved in mediating talks between Iran and its neighbors, leveraging its ties with both Moscow and Brussels.#india #russia #s_jaishankar #eu #kaja_kallas