Trade and people-to-people ties figured high in PM Narendra Modi and Russian President Vladimir Putin’s talks. After the 23rd annual India-Russia summit, the two leaders announced that they had agreed on an Economic Cooperation Agreement until 2030.

A Treasury Department analysis indicates that new U.S. sanctions on Russian oil producers have sent prices there tumbling, choking off a key revenue source that Russia has used to fund its war in Ukraine.

Russia's ESPO blend crude oil cargoes loading in December traded at a discount of $5-$6 a barrel to ICE Brent in Chinese ports, the weakest differential on record, four sources said on Friday.

The US government jolted energy markets when it announced sanctions on Russia’s two biggest crude oil producers on Oct. 22. All eyes are now on how global oil supply and prices will react after the measures took effect on Nov.

BPCL has bought four cargoes, two each of Russian Urals and CPC, they said, adding that Urals have been sold at a discount of $6-$7 per barrel to the dated Brent. India's top refiner, IOC, has also bought some cargoes of Russian oil for January loading, they said.

The Turkish Foreign Ministry spokesman has condemned Ukrainian drone attacks on two Russian “shadow fleet” oil tankers in the Black Sea

The Russian government’s oil proceeds shrank by almost a third in November from a year ago as weaker crude prices and a stronger currency took their toll on revenues.

Russian drones have struck a house in central Ukraine, killing a 12-year-old boy. Officials say the attack comes during ongoing U.S. peace efforts and as long-range Ukrainian strikes reportedly are targeting a Russian port and oil refinery.

In an exclusive interview, Mikhail Khodorkovsky says Vladimir Putin has abandoned his previous pragmatism — and reveals the U.S. oil company he nearly merged Yukos with.