In Geopolitics Today - Monday, June 13th
India And China Importing More Russian Oil, US Restricts Travel for 93 Nicaraguan Officials, Indian-Arab Relations on a Downturn
India And China Importing More Russian Oil
India and China continue to increase their imports of Russian crude, despite pressure from the United States and its allies to ditch Russian oil altogether. India, which typically imports Russian oil at marginal volumes, has now imported roughly five times more Russian crude than the country imported during the entirety of 2021. At the same time, China has also been attracted by discounted Russian crude and increased its intake of Russian oil.
Some estimates suggest that Russia earned $97 billion in revenues from fossil fuel exports during the first 100 days of the war in Ukraine, likely receiving more revenues from oil and gas now than before the war began. During that time, China has overtaken Germany as the largest importer of Russian crude oil, largely as a result of a reduction in Germany imports of Russian oil rather than a dramatic rise in Chinese imports. India, however, has raised its import volumes of Russian crude drastically, importing 60 million barrels of crude from Russia this year, compared to 12 million in 2021. India has quickly become a major importer of Russian crude oil, buying 18% of the Russia’s crude exports.
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US Restricts Travel for 93 Nicaraguan Officials
The United States has imposed visa restrictions on 93 Nicaraguan officials, stating that they have “undermined democracy” as part of President Daniel Ortega’s re-election last year. Those targeted by the travel restrictions include national assembly members, interior ministry officials, judges and prosecutors. The US has previously imposed visa restrictions on individuals associated with the Ortega government, including mayors, university administrators, as well as police, prison, and military officials.
In recent months, the United States has sought to intensify pressure on the current government in Nicaragua. The US Treasury Department recently froze the assets of the defence minister and other officials in the army, telecom and mining sectors. As with other individuals sanctioned by the US, citizens of the United States and US-based businesses are now prohibited from having dealings with those on the sanctions list. Ortega’s government has remained defiant in the face of increased pressure from Washington, stating that the opposition figures which the US seeks to free from prison are “criminals” and “terrorists” who pose a danger to Nicaragua.
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Indian-Arab Relations on a Downturn
The Indian government is scrambling to contain the diplomatic fallout across the Middle East after two senior Indian officials made derogatory remarks about the Islamic faith. At the centre of the diplomatic row are moves by Gulf states to condemn the ruling party in India for insulting the Prophet Muhammad. Indian envoys in Qatar, Kuwait and Iran have been summoned following the remarks, while supermarkets in some Gulf states removed Indian products in protest.
The Indian government has tried to ease tensions by suspending the officials who made the remarks and issuing a formal apology — the first in the country’s 75-year history. India has growing political and economic ties with Gulf states, with millions of Indian expatriates living and working across the Middle East. India’s trade relationship with Gulf countries primarily involves two key forces: oil imports and a large export market for Indian goods. India's bilateral trade ties with all six Gulf Cooperation Council group countries, including the UAE and Saudi Arabia, has increased by over 58 percent and reached $44 billion in 2021-22.
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