Russian Banks Fear Debt Crisis Is Coming as War Strains Economy
Russian banks are increasingly concerned about the level of bad debt on their balance sheets, according to the officials and documents seen by Bloomberg News. They have privately raised the alarm about the number of corporate and retail clients who are failing to make loan payments as they struggle with high interest rates, the people said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
US official says differences with India cannot be resolved overnight for deal
By Kanishka Singh and Trevor Hunnicutt WASHINGTON (Reuters) -Differences between the U.S. and India cannot be resolved overnight to arrive at a trade deal, a senior U.S. official told reporters late on Thursday, citing geopolitical disagreements. WHY IT'S IMPORTANT President Donald Trump said on Wednesday Washington was still negotiating with India on trade after announcing earlier that day the U.S. would impose a 25% tariff on goods imported from the country starting on Friday. The 25% figure would single out India more severely than other major trading partners, and threaten to unravel months of talks between the two countries, undermining a strategic partner of Washington's and a counterbalance to China. KEY QUOTES "Our challenges with India, they've always been a pretty closed market... there are a host of other kind of geopolitical issues," the U.S. official said. "You've seen the president express concern about, you know, membership in BRICS, purchases of Russian oil and that kind of thing." While saying there were constructive discussions with India, the official added: "These are complex relationships and complex issues, and so I don't think things can be resolved overnight with India." CONTEXT India has faced pressure from the West, including the U.S., to distance itself from Moscow after Russia invaded Ukraine in early 2022. New Delhi resisted that pressure, citing its longstanding ties with Russia and its economic needs. Trump has cast the BRICS group of developing nations - of which India is a key part - as hostile to the U.S. Those nations have dismissed that accusation and the group says it promotes the interests of its members and of developing countries at large. Trump has also drawn India's frustration by repeatedly taking credit for an India-Pakistan ceasefire that he announced on social media on May 10. The ceasefire halted days of hostilities between the nuclear armed Asian neighbors. India's position has been that New Delhi and Islamabad must resolve their issues directly without outside involvement. Trump has reached a trade deal with India's rival Pakistan. Solve the daily Crossword
Yahoo
an hour ago
- Yahoo
India indicates it will keep buying Russian oil despite Trump's threats
NEW DELHI (AP) — India has indicated that it would continue buying oil from Russia despite threats by U.S. President Donald Trump. The Indian foreign ministry said its relationship with Russia was 'steady and time-tested,' and should not be seen through the prism of a third country. Addressing a weekly presser on Friday, spokesman Randhir Jaiswal said India's broader stance on securing its energy needs was guided by the availability of oil in the markets and prevailing global circumstances. The comments follow an announcement by President Donald Trump that he intends to impose a 25% tariff on goods from India plus an additional import tax because of New Delhi's purchases of Russian oil. The threat came as the U.S. president has increasingly soured on Russia for failing to agree to a ceasefire in Ukraine and has threatened new economic sanctions if progress is not made. India bought 68,000 barrels per day of crude oil from Russia in January 2022, but by June of same year oil imports rose to 1.12 million barrels per day. The daily imports peaked at 2.15 million in May 2023 and have varied since. Supplies rose as high as nearly 40% of India's imports at one point, making Moscow the largest supplier of crude to New Delhi, the Press Trust of India reported, citing data from Kpler, a data analytics company. India's daily oil consumption is pegged around 5.5 million barrels, of which nearly 88% is met through imports. The country has historically bought most of its crude from the Middle East, but this has changed since Russia's full-scale invasion of Ukraine in February 2022. India, the world's third-largest crude importer after China and the U.S., began buying Russian oil available at discounted rates after the West shunned it to punish Moscow. Sign in to access your portfolio
Washington Post
an hour ago
- Washington Post
India indicates it will keep buying Russian oil despite Trump's threats
NEW DELHI — India has indicated that it would continue buying oil from Russia despite threats by U.S. President Donald Trump. The Indian foreign ministry said its relationship with Russia was 'steady and time-tested,' and should not be seen through the prism of a third country. Addressing a weekly presser on Friday, spokesman Randhir Jaiswal said India's broader stance on securing its energy needs was guided by the availability of oil in the markets and prevailing global circumstances.
