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Trump threatens India again with tariffs on Russian oil
Donald Trump, the U.S. president, threatened again on Monday to increase tariffs on Indian goods over their Russian oil purchases. New Delhi, however, called the attack "unjustified", and pledged to protect its own economic interests. This further exacerbated the trade gap between the two nations. In a post on social media, Trump stated that "India not only buys massive amounts of Russian Oil but they also sell it for a large profit to the Open Market." They don't give a damn how many Ukrainians are killed by the Russian War Machine. He added, "I will substantially raise the Tariffs paid by India to USA because of this." In response, a spokesperson from India's Foreign Ministry said that India would "take all necessary steps to safeguard its economic and national security." The spokesperson also added, "The targeting India is unjustified" and "unreasonable". Trump said that he would impose new sanctions against Russia and countries that purchase its energy exports from Friday, unless Moscow took steps to end the 3-1/2-year war with Ukraine. Vladimir Putin, the Russian president, has not shown any public signs of changing his stance in spite of the deadline. Two Indian government sources said that India would continue to purchase oil from Russia, despite Trump's threat. Since Russia invaded Ukraine at the beginning of 2022, India has been under pressure to distance itself. New Delhi has refused, citing economic and long-standing ties to Russia. Trump announced in July that he would impose 25% tariffs on Indian goods. U.S. officials cited geopolitical factors as obstacles to a U.S. India trade agreement. Trump has also portrayed the BRICS as a group of developing countries hostile to the United States. These nations have rejected his accusations, saying that the group serves the interests of all developing countries and its members. CRUDE BUYER India is the largest buyer of Russian crude oil by sea. It imported about 1.75 millions barrels of Russian oil per day from January to June of this year. This was an increase of 1% compared to a year earlier, according to trade sources. The Indian spokesperson stated that the country began to import oil from Russia after traditional supplies had been diverted to Europe following the outbreak of conflict in Ukraine. He called it a necessity compelled by the global market conditions. The spokesperson noted also the West's bilateral trade, especially with the European Union: "It's revealing that those nations who criticize India indulge in trade with Russia." Sources say that despite the Indian government's defiance last week, the country's major refiners stopped buying Russian oil. After Trump threatened to impose hefty tariffs, discounts for other suppliers have narrowed. Officials of the Indian government deny any policy changes. Four trade sources said on Monday that India's largest refiner Indian Oil Corp. has purchased 7 million barrels from the United States and Canada, as well as the Middle East. India is also frustrated that Trump has repeatedly claimed credit for the ceasefire between India and Pakistan, which he announced in May on social media. This ended days of hostilities. Richard Rossow, director of the India Program at Washington's Center for Strategic and International Studies, says that the unpredictable nature of the Trump administration is a challenge for Delhi. He said that India's continued purchases of energy and defence from Russia present a greater challenge because it does not know how the Trump administration is going to approach Russia month-to-month. Reporting by Kanishka, Doina, and David Brunnstrom from Washington; Harshita, Meenaktshi, and Manoj, Patel, and Shivam Patel in New Delhi. Writing by Joseph Ax. Editing by Bill Berkrot, Rosalba, and Rosalba Ax.
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Brazil rejects calls to move COP30 amid Amazon City price surge
Brazil has refused to move the COP30 global climate summit scheduled for November from Belem despite mounting pressure due to the soaring prices of accommodation in the Amazonian City. Andre Correa do Lago (President of COP30) told reporters Friday that the COP and the Leaders' Summit will both be held in Belem. "There is no Plan B." The annual U.N. Summit will bring together nearly all governments in the world to discuss their efforts to combat climate change. Pre-summit talk has been dominated by concerns over logistics rather than global policy. The Developing Countries have said that they can't afford Belem accommodation prices. They have increased due to a lack of rooms. Correa do Lago, a climate expert, said that during a meeting of the United Nations Climate Bureau, representatives from several countries pressed Brazil last week to move the conference out of Belem. This brought to a climax the constant stream of concerns raised with Brazil by members of UNFCCC (the U.N. Climate Secretariat) over the lack of accommodation and the high price in Belem. According to a summary from the COP Bureau meeting last month, UNFCCC informed participants that it had given advice to Brazil about moving certain parts of COP30 – such as the section in which world leaders spoke – out of Belem, to reduce pressure on accommodation. The summary stated that Brazil rejected the idea. The UNFCCC refused to comment. In a statement, the Brazilian Presidency stated that "there are no discussions regarding a possible change of the host city for COP-30." The Brazilian government also reiterated its commitment to a climate conference which is inclusive, accessible, and comprehensive. Para's government said that it is constantly in contact with hotels and landlords, as well as real estate agencies in order to "encourage responsibility and good practice", but that Brazilian law did not allow the government to interfere in a free-negotiated process. Correa do Lago, a local hotelier, said that there are only a few hotels in Belem, and they are charging up to 15 times more than what they normally do. He added, "Maybe hotels don't realize the crisis that they are creating." Accommodation is not the only concern of countries. The countries are concerned about the proximity of rooms to each other so that negotiations can be conducted smoothly. They also worry if there will be sufficient food and if local airports can handle the influx. Brazil, however, has insisted that the preparations for COP30 are proceeding as planned. Brazilian President Luiz-Inacio Lula Da Silva has shown no sign of reversing his commitment to present the Amazon Rainforest to the world. His administration has invested hundreds of millions in Belem's infrastructure to host the conference. This will help state governor Helder Barbalho bring public and foreign investments. Barbalho, an old political ally of Lula's, helped him win the Para election in 2022 and will play a major role in the campaign for the President next year. Lula and Barbalho didn't immediately respond to a comment request. Brazil offered up to 15 rooms for as little as $220 per night to delegates from countries that are considered among the least-developed in the world. This amount is higher than the $146 that the United Nations offers diplomats from such countries for their accommodation, meals and transportation. Correa do Lago, a Correa do Lago, told reporters that infrastructure issues "interfere at a time when we should use to discuss substantive questions." Brazil opened its booking platform for the public on Friday. The website had a waiting list of nearly 2,000 people on Monday morning. However, after an hour, it was possible to access the site. The website showed rates ranging from $360 to $4,000 per night. (Reporting and writing by Manuela Andréoni in Brasilia, and Kate Abnett from Brussels; editing by Christian Plumb and Sandra Maler.
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Brazil rejects calls to move COP30 amid Amazon City price surge
Brazil has refused to move the global COP30 summit scheduled for November from Belem despite mounting pressure due to the soaring prices of accommodation in the Amazonian City. Andre Correa do Lago (President of COP30) told reporters Friday that the COP and the Leaders' Summit will both be held in Belem. "There is no Plan B." The annual U.N. Summit will bring together nearly all governments in the world to discuss their efforts to combat climate change. Pre-summit talk has been dominated by concerns over logistics rather than global climate policies. The cheapest accommodation in Belem has risen dramatically due to a lack of rooms, and developing countries say they can't afford it. Correa do Lago reported that representatives from several countries pressed Brazil last week to move the climate conference away Belem at an emergency meeting held by the United Nations Climate Bureau. The U.N. Climate Secretariat (UNFCCC) had been raising concerns with Brazil for months about the lack of accommodations and the high price of Belem. The UNFCCC informed participants at the same meeting as the COP Bureau last month that it had given advice to Brazil about moving certain parts of COP30 – such as the section in which world leaders spoke – out of Belem, to ease the pressure on accommodation. The summary stated that Brazil rejected the idea. The UNFCCC refused to comment. In a press release, the Brazilian Presidency stated that "there are no discussions regarding a possible change of the host city for COP-30." The Brazilian government also reiterated its commitment to a climate conference which is inclusive, accessible, and comprehensive. Correa do Lago, a local hotelier, said that there are only a few hotels in Belem, and they are charging up to 15 times more than what they normally do. He added, "Maybe hotels don't realize the crisis that they create." The countries are concerned with more than just accommodation. The countries are concerned about the proximity of rooms offered to delegations to ensure smooth negotiations, as well as whether or not there will be sufficient food and if local airports can handle the influx. Brazil, however, has insisted that the preparations are going well. Brazilian President Luiz-Inacio Lula da Silva is not willing to backtrack from his promise to show the Amazon rainforest at the COP30. His administration has invested hundreds of millions in Belem's infrastructure to host the conference. This helped state governor Helder Barbalho bring public and foreign investments. Barbalho, an old ally of Lula's, helped him win the Para election in 2022 and will play a major role in the campaign for the President next year. Lula and Barbalho didn't immediately respond to a comment request. Brazil offered up to 15 rooms for as little as $220 per night to delegations from countries that are considered among the least-developed in the world. This amount is higher than the $146 that the United Nations provides to diplomats from such countries for their accommodation, meals, and transportation. Correa do Lago, a reporter, told reporters that infrastructure issues "interfere at a time when we should use to discuss substantive matters." Brazil opened its booking platform for the public on Friday. The website had a waiting list of nearly 2,000 people on Monday morning. However, after an hour, it was possible to access the site. The website showed rates ranging from $360 to $4,000 per night. (Reporting and writing by Manuela Andréoni in Brasilia, and Kate Abnett from Brussels; editing by Christian Plumb and Sandra Maler.
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Nornickel's net profit for the first half of 2018 increased by 2% to $842 millions
The Russian metals company Nornickel announced on Monday that its net profit in the first half of 2025 increased by 2%, to $842 millions. This was due to a decrease in inventories. Nornickel's revenues, which are a major producer in nickel and palladium refinement, rose 15% to $6.46 Billion, and earnings before tax, depreciation, and amortization grew 12% to 2.63 Billion, the company said. In a press release, CEO Vladimir Potanin stated that "the company's performance has improved despite the mixed performance of commodity price and unfavourable currency movements." Potanin said that by adjusting our logistics, the management was able reduce the accumulated inventory, while maintaining the increase in cash-operating costs below inflation. Nornickel shares rose 1.1% at the Moscow Stock Exchange. Potanin said the company raised $2.4billion using instruments denominated both in U.S. dollar and China's Yuan, and increased investments by 15% to reach $1.1billion. He said that the company is developing digital and AI tools. They are estimated to contribute $100 million annually to EBITDA. Nornickel may not be directly subject to Western sanctions due to Russia's actions against Ukraine, but the measures have led some producers to refrain from buying Russian metal and to complicate payments. They also restrict access to Western equipment. Nornickel's Net Profit fell 37% by 2024 due to Western sanctions and lower metal prices. It said that it was able to reduce its metal stock due to improved logistics during the first half year. The company said that Russia's central banks will begin to lower interest rates, which would reduce debt servicing costs. (Written by Gleb Brynski, edited by Jane Merriman and Mark Potter).
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Sibanye Stillwater's request for US tariffs on Russian palladium could add to price volatility
Sibanye Stillwater asked the United States for consideration of imposing a tax on Russian imports in order to ensure the viability of U.S. palladium supplies in the long term. This could lead to an increase in the volatility of palladium prices. The petition filed by Johannesburg's Sibanye Stillwater adds yet another layer of uncertainty for prospects in platinum group metals after a rally that has occurred in prices this year, due to lower production in South Africa in the first half and low liquidity on the spot market. In a July 31 statement posted on the website of Sibanye Stillwater, Chief Executive Neal Froneman stated that "we believe that Russian imports of palladium are being sold at below market prices because of various factors. This will begin primarily following the Russian invasion in Ukraine in 2022." "Obtaining relief for dumped and subsided Russian imports will allow Sibanye Stillwater, its employees and the U.S. PGM Industry to compete on more equal terms," he said. The petition will likely be decided within the next 13 months. Nornickel of Russia, the largest palladium miner in the world with a 40% market share, declined to make any comment. Sibanye Stillwater, a South African company with production assets in the United States and South Africa, lost $500 million on its U.S. Palladium assets last year due to low prices. The palladium spot price is up 31% this year. Analysts predicted in a July poll that palladium would be rising in 2025, for the first time since 2004. This was aided in part by the platinum rally. Analysts at Heraeus stated that "although placing duties on Russian Metal would not necessarily affect the market balance of Palladium, it may result in a rerouting of physical metal flows around the world, resulting in price volatility." According to Trade Data Monitor, the United States' top palladium suppliers are Russia and South Africa. China is Russia's second biggest buyer after the United States. According to Heraeus, Russian palladium exports to the U.S. grew by 42% on an annual basis to reach more than 500,000 ounces between January and May. PGMs are widely used to clean exhausts on gasoline vehicles. They have avoided the U.S. sanctions against Russian companies for the Ukraine War and any import tariffs announced in recent months by President Donald Trump. Reporting by Polina Devitt. Mark Potter edited the article.
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India's largest refiner purchases Middle East and US crudes as Trump criticizes Russian purchases
Four trade sources reported on Monday that Indian Oil Corp had purchased 7 million barrels from the United States and Canada, as well as the Middle East. This comes at a time when U.S. president Donald Trump is intensifying his criticism of India over its purchases Russian oil. India is the largest buyer of crude oil by sea from Russia. Russia is currently under Western sanctions due to its involvement in Ukraine. Reports last week said that its main refiners stopped buying Russian oil as discounts from other suppliers shrank. Trump had threatened to impose hefty tariffs for imports of countries who make such purchases. Indian government officials denied that any policy changes had taken place. Trump announced on Truth Social that he would increase the import tax on Indian goods. He accused the country of buying huge amounts of Russian crude oil and then "selling it on the Open Market at big profits" for the majority of the oil purchased. India imported approximately 1.75 million barrels of Russian oil per day from January to June, an increase of 1% over the previous year, according to trade sources. The sources confirmed that IOC, India’s largest refiner purchased crude oil via an auction from the United States and Canada for arrival in September. The sources declined to give their names because they weren't authorized to speak to media. Sources said that the refiner purchased 4.5 million barrels U.S. crude oil, 500,000 barrels Western Canadian Select (WCS), and two million barrels Das oil produced in Abu Dhabi. Two sources stated that the higher than normal purchases were partly made to replace Russian barrels. Last week, it was reported that Indian refiners IOC, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery Petrochemical Ltd had not purchased Russian crude for the last few weeks. Indian companies don't comment on oil purchases The sources stated that in the IOC tender, which closed on Friday evening, P66, Equinor and Mercuria would each ship one million barrels U.S. West Texas Intermediate Midland Crude, while Mercuria would ship two million barrels. Vitol is to deliver 1,000,000 barrels each of WTI Midland, WCS and WCS. Trafigura is delivering 2 million barrels Das. The prices of the deals are not available immediately. The Trump administration imposed a 25% tariff on Indian imports after New Delhi failed to agree on a trade agreement. Reporting by Florence Tan in Singapore, Siyi in New Delhi and Nidhi in New Delhi. Editing by Kate Mayberry & Emelia Sithole Matarise.
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Russian rouble gains against the dollar as US sanctions are in focus
On Monday, the Russian rouble was slightly higher against the U.S. Dollar and flat against the Chinese yuan. This is because Steve Witkoff, the special envoy of U.S. president Donald Trump to Russia will be visiting this week. Washington may impose new sanctions. LSEG compiled data based on OTC quotes that showed the rouble up 0.1% at 79.92 per dollar as of 1420 GMT. It was unchanged at 11.06 versus the yuan. The most traded currency in Russia. In a research report, analysts at the Bank of Saint Petersburg stated that the exchange rate could remain between 11.00 and 11.20 roubles to the yuan pending the disclosure of details of U.S. sanction. Trump said that he would impose new sanctions against Moscow and the countries who buy its energy exports, China and India being the two biggest. This is unless Russia makes progress towards a peaceful settlement in Ukraine by 8 August. According to a survey of 14 analysts conducted last week, the rouble will weaken by 20% to $100 against the dollar over the next year. (Reporting and editing by Mark Potter.)
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Gold continues to rise on US rate cuts expectations
Gold prices rose Monday for the third consecutive session after economic data from last week fueled expectations that interest rates would be cut by the U.S. Federal Reserve. As of 0915 am, spot gold was up 0.3% at $3,373.22 an ounce. ET (13.15 GMT), the highest level since 24 July. U.S. Gold Futures rose 0.8% to $3.427.010. "The odds of a rate reduction in September are now stronger and for a second rate cut in December, even stronger." This, coupled with inflation headwinds, is what I consider to be pretty bullish for the gold price," said Daniel Pavilonis senior market strategist at RJO Futures. Data released last week showed that U.S. job growth in July was lower than expected, while the nonfarm payrolls for the two previous months were revised down by 258,000 jobs. This suggests a rapid deterioration of the labor market. The Fed's preferred measure of inflation, U.S. data on PCE, rose 0.3% in June, after a 0.2% increase in May, which was revised upwards. CME FedWatch shows that traders see a 85% chance for a rate cut in September, up from 63% just a week earlier. Bullion is considered a good hedge against inflation in an environment with low interest rates. In comments broadcast on Sunday, Trade Representative Jamieson Greer stated that the tariffs imposed by President Donald Trump on scores of nations last week are more likely to remain in place than be reduced as part of ongoing negotiations. According to an executive order, Trump has set tariffs that include a 35% tax on goods imported from Canada, a 50% duty for Brazil, a 25% duty for India, a 20% rate for Taiwan, and a 39% rate for Switzerland. Silver spot was up 0.8% to $37.33 an ounce. Palladium fell 1.9% to a two-week low of $1,184.75, while platinum rose 0.5% to $1322.03. Pavilonis stated that the palladium price still has some upside. It is likely to rebound, with a downside support of $1,180/oz, and a breakout on the upside at $1230. (Reporting by Sarah Qureshi in Bengaluru; Editing by Sahal Muhammed)
EU lifts gas price cap in energy crisis
The European Union's gas price cap, which was introduced during the Russian gas crisis of 2022, will expire this Friday. It has not been activated since its conception.
The cap would apply if the gas prices rose to an unusually high level, in response to months of rising energy prices due to Russia's cutting of gas supplies following its invasion of Ukraine.
The cap is designed to kick-in if European Gas Prices reach 180 Euros per Megawatt Hour - a price level that the benchmark EU hasn't reached since 2022 when the energy crisis hit Europe.
On Friday, the benchmark front-month contract for gas at the Dutch TTF Hub was trading above 52 Euros/MWh - its highest price since late 2023 but still well below the prices of the energy crisis in 2022.
The European Commission's decision that the price cap will expire signifies the end of Europe's worst energy crisis. Gas storage in the EU is full despite cold snaps and other countries have increased their non-Russian supplies.
The Commission stated on its website that the price cap was not triggered, nor did it need to be extended, "thanks" to factors like the structural decline in demand, reliable LNG imports and pipeline imports by trusted partners, as well as enhanced import infrastructure.
One EU diplomat stated, "We never got to the point where we had to test the effectiveness of the instrument again."
Germany was among the countries and industries that were divided on this issue. They feared it would hamper Europe's ability in attracting gas supplies from competitive global markets.
Eurogas, the industry association, said that it supports the gradual phase-out of the emergency measures implemented during the energy crises.
Andreas Guth, Eurogas's head of business development said: "It is hard to determine the true effectiveness of these actions and they could create market distortions."
Other countries including Italy wanted the EU price cap to be kept and redesigned to limit prices to much lower levels. (Reporting and editing by David Goodman, Jan Harvey, and Kate Abnett)
(source: Reuters)