Author: Steven Sahiounie

The ministry put the total value of trade exchanges of India with Iran from January to June 2023 at $993 million. Iran and India’s exchanges of trade in this timespan witnessed a 27 percent decline compared to the same period of last year. India’s export of products to Iran from January to June 2023 reached $641 million, showing a 38 percent drop compared to last year’s corresponding period. India had exported $1.38 billion worth of products to Iran from January to June 2022. Meanwhile, Iran exported $352 million worth of products to India from January to June 2023, showing a…

The TurkStream and Blue Stream routes carrying Russian gas have been targeted by drones, according to the president Russian pipelines transporting natural gas to Türkiye have faced constant attack by submarine drones launched from Ukrainian ports, Russian President Vladimir Putin said on Monday. The Russian leader made the accusation during a meeting with Turkish President Recep Tayyip Erdogan in Sochi. “Our ships guard these pipeline systems, and they are constantly under attack, including with the help of drones that are directed to these attacks from Ukrainian Black Sea ports,” Putin claimed, referring to the Blue Stream and TurkStream gas pipelines. The…

Consumer price growth has accelerated at the fastest rate this year Inflation in Türkiye spiked to 58.9% in annual terms in August, its fastest pace this year, from around 48% in July, according to data released on Monday by the Turkish Statistical Institute. The month-on-month increase was 9.1%, mostly driven by rising energy and food costs. Transport costs jumped 16.6% month-on-month, while food and non-alcoholic beverage prices rose by 8.5% from July and 72.9% from last year. The core index, which excludes volatile food and energy prices and is seen as a bellwether for future inflation developments, posted an annual…

Western lenders that exited the country are being replaced, according to the report China’s exposure to the Russian banking sector quadrupled in the 14 months through March of this year, while Western institutions pulled back their operations in the country, the Financial Times reported on Sunday, citing data by the Kiev School of Economics. According to the outlet, the Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China boosted their combined exposure to Russia from $2.2 billion to $9.7 billion during that period. At the same time, the overall proportion of Russian…

The German economy is in a state of “shock” due to inflation and a lack of demand, analysts say Germany’s economic output will shrink this year, amid weak demand from abroad, soaring interest rates, and a protracted energy crisis, the latest forecast from the German Economic Institute (IW) revealed. The economy is in a state of a “shock,” according to the IW, with businesses particularly affected by geopolitical uncertainties arising from the conflict in Ukraine. German companies and industries will “feel the global problems all the harder” this year due to scarcity and surging prices of raw materials and energy, the economists warned. …

“Active policy support” is helping the economy to recover despite sanctions, Barclays analysts say Russia’s gross domestic product (GDP) may grow 1.7% this year, UK-based Barclays bank analysts predicted in their weekly economic outlook. According to the report, “active policy support” is helping the Russian economy to grow despite the pressure of Ukraine-related Western sanctions. Analysts said the fiscal stimulus and lending growth are making for “a faster-than-expected economic recovery, driven largely by domestic demand.” They warned, however, that the Bank of Russia’s recent key rate hike and risks of further tightening of monetary policy, along with new sanctions and…

Along with issues on the bilateral agenda, the talks focused on the topic of the resumption of the grain deal The talks between Russian and Turkish delegations led by the two countries presidents, Vladimir Putin of Russia and Recep Tayyip Erdogan of Turkey, in Russia’s resort city of Sochi lasted for 90 minutes. The talks, involving along with the presidents, the two countries’ defense and foreign ministers, as well as other government officials, began at 1:14 p.m. Moscow time. Along with issues on the bilateral agenda, the talks focused on the topic of the resumption of the grain deal. “I…

The Russian leader also noted that he plans to discuss the situation in Ukraine and Syria, as well as a grain deal, with his Turkish counterpart Trade turnover between Moscow and Ankara increased by 86% last year, this year the positive trend continues, Russian President Vladimir Putin said opening talks with Turkish President Recep Tayyip Erdogan. “I’d like to call your attention to the fact that, if I’m not mistaken, our trade turnover climbed by more than 80% last year – by 86%. The positive trend continues in the first half of this year,” he said. This trend, according to…

The Russian president feels he and his Turkish counterpart “have something to talk about in terms of ensuring regional security” Russian President Vladimir Putin plans to discuss the situation in Ukraine and Syria, as well as a grain deal, with his Turkish counterpart Recep Tayyip Erdogan. “Of course, we will not ignore the issues related to the Ukrainian crisis,” he said opening talks with Turkish President Recep Tayyip Erdogan. “I know you intend to bring up the issue of a grain deal, we are open to negotiations on this,” Putin told Erdogan. “Of course, we have done a lot to…

The Nigerian President will be attending the G20 summit in India after he was invited by Prime Minister Narendra Modi. According to the Nigerian President’s Spokesperson Ajuri Ngelale on Sunday, Nigeria is contemplating applying to join the G20 bloc of major economies, following talks on the risks and advantages. Ngelale added that the Nigerian President, Bola Tinubu, will be attending the G20 summit in India after he was invited by Prime Minister Narendra Modi. South Africa is the only African country in the bloc so far. Ngelale remarked that “while Nigeria’s membership of the G-20 is desirable, the government has…