India has signed a memorandum of understanding with Russia to accelerate the development of the International North-South Transport Corridor (INSTC) that will enable a smoother connectivity to the region via Iran.
Russian Railways Logistics Joint Stock Company (RZD) and Container Corporation of India (CONCOR), the largest rail container transport operator in India, last week signed the MoU for providing logistics services on INTSC, the implementation of which has been delayed for years despite a dry run on the corridor in recent years, The Economic Times reported.
The MoU involves the study of possibilities for developing joint logistics projects in Russia and India using international transport corridors, including INSTC.
INSTC is the shortest multimodal transportation route linking the Indian Ocean and the Persian Gulf via Iran to Russia and Europe. India could take benefit of this route. Cargo from India can be taken to the Iranian port of Bandar Abbas, and from there to Bandar-e Anzali on the Caspian Sea by land. The goods can then be shipped to the Russian port of Astrakhan and from there to the rest of Europe by rail.
Chinese imports of Russian thermal coal decreased last year as the country switched to lower-priced material from elsewhere, primarily Indonesia.
Iran exported $533 million worth of commodities to Russia in 2018, which registered a growth of 36% compared to the preceding year.
India has asked one buyer of Venezuelan oil to consider paying the South American nation’s national oil company PDVSA in a way that avoids the US financial system, an Indian government source said, after Washington imposed fresh sanctions on Venezuela last month.
Turkish President Recep Tayyip Erdogan said his country is "ready" to set up its own trade mechanism with Iran, allowing companies from the two neighboring countries to continue with their "legitimate" business amid the hostile US sanctions.
The world's top diamond producer by output, Alrosa (MCX:ALRS), found a heart-shaped rough diamond at the Udachnaya kimberlite pipe in Yakutia, eastern Russia.
The CEO of the National Iranian Oil Company (NIOC) said the talks with the Indian side on the development of Farzad B gas field in the Persian Gulf waters are in progress.