russian oil

India has requested the US to extend its waiver on russian oil imports due to ongoing disruptions in the Strait of Hormuz. This waiver, crucial for stabilizing oil markets, is set to expire on May 16. Despite US pressure to reduce discounted russian oil purchases, India prioritizes stable energy supplies, warning of economic consequences from market volatility.

India has reportedly sought an extension from the US to continue importing russian oil, with the current waiver expiring May 16. The Congress party has sharply criticized PM Modi, accusing his government of "trading away India’s honour and dignity" and compromising energy security by "groveling before America" for permission.

A Russian missile strike on a Kyiv apartment building claimed 24 lives, including three teenagers, as emergency crews concluded their search. This attack, part of Russia's largest barrage since the invasion, underscores the ongoing conflict despite recent ceasefire suggestions. Ukraine also launched drone attacks, hitting a russian oil refinery and causing casualties.

India has reportedly rejected Russian LNG cargoes under US sanctions, despite energy security worries. A sanctioned Russian LNG shipment is now stranded near Singapore as India navigates compliance risks. While India continues to import Russian crude, LNG is harder to conceal from global tracking systems. Discussions are ongoing for non-sanctioned Russian supplies.

Ukrainian President Volodymyr Zelenskyy said that the forces have struck two russian oil tankers near Novorossiysk port. This action highlights Ukraine's ongoing strategy to disrupt Russia's energy sector. Drone warfare has intensified, with Ukraine increasingly targeting Russian territory. Russia has also conducted extensive drone attacks across Ukraine. Diplomatic efforts for a ceasefire are ongoing.

India’s imports of Russian crude oil have declined 20 per cent month-on-month in April to 1.57 million barrels per day, easing from the sharp surge recorded in March. The spike in March had been driven by the availability of floating cargoes during the Iran conflict.

Russian Foreign Minister Sergey Lavrov suggested India could play a long-term diplomatic role in mediating US-Iran tensions, while Pakistan facilitates immediate dialogue. Lavrov highlighted India's diplomatic experience and global standing, noting its direct stake in West Asian stability and energy security.

By mid-2026, Russia's Ukraine invasion has transformed into a grinding conflict. Ukraine's successful drone warfare and long-range strikes on Russian infrastructure are reshaping the battlefield. Russia, adapting with infiltration tactics and glide bombs, faces a new, industrialized war of attrition. European aid bolsters Ukraine's defense, while diplomatic progress remains stalled.

Latvian Prime Minister Evika Silina resigned after her coalition government collapsed due to disagreements over Ukrainian drone incidents. The Progressive Party withdrew support after Silina dismissed the defense minister for failing to address drones flying from Russia. President Edgars Rinkevics will now consult parties to form a new government ahead of October elections.

As the geopolitical landscape evolves, France's efforts to maintain influence in Africa are confronted with a shifting reality. The Sahel nations, now under military governance, are moving toward new alliances, with Burkina Faso, Mali, and Niger seeking support from Russia for defense needs and China for economic growth.

Disruptions in the Strait of Hormuz have significantly impacted global bunker fuel supply, leading to soaring prices, particularly in Asia. This is forcing shipping firms to cut speeds and explore alternative fuels, with experts warning of increased freight costs and consumer prices.

US Treasury Secretary Scott Bessent announced the US will not renew a waiver allowing the purchase of russian oil currently at sea. He also stated that another waiver for Iranian oil is "totally off the table." This decision comes after a recent extension of the waiver for russian oil, which was intended to stabilize global energy markets.

US President Trump announced a three-day Russia-Ukraine ceasefire from May 9-11, hoping for a long-term peace deal and a prisoner exchange. Despite this, fighting persisted, with both sides reporting attacks. Ukraine accused Russia of continuing assaults, while Russia claimed to intercept numerous drones. The truce follows Russia's Victory Day, a proposal Kyiv had previously dismissed.

Ukrainian President Volodymyr Zelensky on Tuesday accused Russia of "utter cynicism" for launching deadly attacks while also seeking a truce to stage its May 9 Victory Day parade in Moscow. "It is utter cynicism to ask for a ceasefire in order to hold propaganda celebrations while carrying out such missile and drone strikes every single day leading up to it," Zelensky said in a statement in response to the attacks.

Fuel, gold, edible oil, foreign travel, and fertilisers — how much do they cost India, and how much do they matter right now?