Syria Seeks Russian Support, Reviews Assad-Era Deals Amid Uncertainty Over Military Bases
The Syrian Foreign Minister, Asaad al-Shaibani, stated that his country wants Russia by its side, and appealed for Moscow's support during talks in the Russian capital. This marks his first official visit to the country since the Russian-backed Assad regime was ousted in a lightning rebel offensive that ended five decades of the al-Assad family's rule. Russia and Syria now plan to reset ties and revisit agreements signed under the previous pro-Moscow government of Bashar al-Assad. However, the talks come amid growing uncertainty over the future of two key Russian military installations, the Khmeimim Air Base and the naval facility in Tartus, both located on Syria's Mediterranean coast.
See More
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
27 minutes ago
- Mint
Russian oil import cuts could hit Indian OMCs GRM by $1–1.5/bbl, says report
US President Donald Trump last week targeted Indian imports by announcing a 25% tariff on goods imported from India, effective August 7, 2025, along with an unspecified penalty for the country's ties with Russia. He has been threatening to impose hefty tariffs on countries that continue importing Russian crude, claiming that these nations are directly financing Russia's continued attacks on Ukraine On July 15, 2025, Trump gave Russia 50 days to end the Ukraine war and agree to a peace deal; otherwise, he threatened to impose a 100% tariff on buyers of Russian oil. On July 29, he shortened this timeline to 10–12 days (down from 50 days). The US Treasury Secretary also warned China, the largest buyer of Russian oil, that it could face huge tariffs if it continued its purchases, with threats further extended to India to stop buying the Russian crude. India is among the major buyers of Russian crude, with imports witnessing a significant surge since the onset of the Russia-Ukraine conflict in 2022 and the subsequent drop in Russian crude prices. The share of Russian crude in India's total crude petroleum imports rose from just 1.5% during FY2018–FY2022 to 19.3% in FY2023 and further to 33–35% in FY2024–FY2025. Discounted Russian oil has also helped stabilize prices during periods when global crude prices spiked sharply, reaching as high as $135 per barrel. Analysts at JM Financial believe this move is likely part of a broader US negotiation strategy aimed at pressuring Russia into agreeing to a peace deal with Ukraine. A significant reduction in Russian crude imports could otherwise trigger a sharp rise in crude prices, counteracting Trump's efforts to push the US Federal Reserve toward cutting interest rates, they added. The US threat of secondary tariffs and penalties has prompted Indian refiners to seek government guidance on Russian crude purchases. Reports suggest state refiners halted Russian oil buys last week due to narrowing discounts and sanction risks, with tankers idling off India's west coast. However, India's MEA stated energy imports are driven by market dynamics, not US pressure. While the US president claimed India may stop buying Russian oil, government sources clarified that refiners continue sourcing based on price, crude grade, and economic factors. According to analysts at JM Financial, if India stops importing Russian crude, it would significantly impact OMCs and CPCL/MRPL, while having only a slight negative effect on Reliance Industries. The brokerage noted that this would end the USD 1–1.5/bbl GRM benefit that Indian refiners have enjoyed since FY23, driven by Russian crude discounts of USD 3–4/bbl, which account for 30–40% of India's crude requirements. It further stated that every USD 1/bbl hit to GRM could negatively impact FY26 EBITDA by 8–10% for OMCs, 20–25% for MRPL/CPCL, and approximately 2% for RIL's consolidated EBITDA. This impact could be partially offset by a potential rise in diesel cracks due to supply-side concerns arising from possible US and EU sanctions. The brokerage also noted that crude oil prices could rise sharply if India halts Russian crude imports, assuming the shortfall is not offset by increased purchases from China or other countries. China already buys a substantial 2–2.5 mmbpd of Russian crude compared to its total oil demand of around 16.5 mmbpd. However, a sustained upside in crude prices is likely to be capped due to the current global oil oversupply of 1.5–2 mmbpd, aided by the easing of OPEC+'s 2.2 mmbpd voluntary output cut and a 1.5 mmbpd growth in non-OPEC+ output in CY25. Global oil supply is expected to grow 2.1 mmbpd in CY25 versus demand growth of approximately 0.7 mmbpd. Additionally, Saudi Arabia has spare capacity of around 2 mmbpd, and elevated crude prices could hinder a key priority of the US President, pushing the US Federal Reserve to cut interest rates, the brokerage noted. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
NDTV
27 minutes ago
- NDTV
Trump Threatens To "Substantially" Raise Tariffs On India Over Russian Oil
US President Donald Trump has threatened India yet again over its purchase of Russian oil. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine," Trump said in a post on Truth Social. "Because of this, I will be substantially raising the Tariff paid by India to the USA," he said without specifying what tariff level he had in mind. His post comes days after his announcement that 25 percent tariff would be imposed on goods imported from India, adding that the country would also face an unspecified penalty, but gave no details. Government sources, however, told NDTV that the tariff would have a "negligible" impact on the Indian economy. The GDP loss is not likely to exceed 0.2 per cent, sources said. Over the weekend, sources in the government told NDTV that Indian oil firms will not be halting Russian imports as "India's energy purchases are driven by national interests and market forces". Trump's threat follows his increasingly souring relationship with Russia for failing to agree to a ceasefire in Ukraine. He even threatened new economic sanctions if progress was not made. India, the world's third-largest crude importer after China and the US, historically bought most of its oil from the Middle East, but this changed after Russia began selling its oil at discounted rates after the West shunned it as punishment for its full-scale invasion of Ukraine in February 2022. The same year, External Affairs Minister S Jaishankar defended India's decision and said, "India's total purchase of oil from Russia in a month is probably less than what Europe does in an afternoon". He was addressing a press conference in Washington. India purchases up to 2 million barrels per day of oil, accounting for 2 per cent of global supply. Other top buyers are China and Turkey. Last week, Trump declared that the US has a massive trade deficit with India, accusing it of having the "most strenuous and obnoxious non-monetary Trade Barriers of any country". "While India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any country," he said.
India.com
27 minutes ago
- India.com
Donald Trump Vows To Substantially Raise Tariffs On India Over Russian Oil Trade
United States President Donald Trump on Monday stated that since India is buying "massive amounts" of oil from Russia, and selling it, he will be substantially raising the Tariff paid by India to the U.S. This comes days after he announced that New Delhi will pay a 25 percent tariff and an additional penalty for trade deficit. In a post on Truth Social, Trump said, "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA." Trump's Tariff On India Trump had previously announced that the tariffs would be imposed starting August 1. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump said in a post on Truth Social. "Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE - ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST 1st. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!", the US President added.
