India's Russian crude oil imports are projected to reach approximately 1.8 million barrels per day in May 2025, marking a 10-month high, driven by strong demand for light grades like ESPO Blend. Indian refiners have significantly boosted purchases, particularly for June-loading ESPO cargoes, ahead of the latest EU and UK sanctions on Moscow's "shadow fleet" of oil tankers and financial firms. Shutdowns at major Indian refineries, Reliance Industries and MRPL, have increased import requirements for feedstock at fluid catalytic crackers due to favorable margins. Some cargoes were delivered under a long-term deal between Reliance and Rosneft. The heightened Indian demand has elevated ESPO crude spot premiums in China, where offers for July-loading cargoes have risen to around $2 per barrel above Dubai prices. Chinese state-owned firms have reduced purchases of sanctioned crudes, and independent refiners face tight import quotas, resulting in more ESPO supply directed toward India. Currently, ESPO is trading at a premium of $0.50 to $1 per barrel over Dubai prices in the Indian market. (PC: ET Times)

India is actively negotiating a three-phase trade agreement with the U.S. to avert the imposition of a 26% reciprocal tariff set to commence in July. Commerce Minister Piyush Goyal's recent U.S. visit aimed to finalize an interim deal focusing on enhancing market access for agricultural and industrial goods, while addressing non-tariff barriers. President Trump has claimed that India offered to eliminate tariffs on U.S. goods, though official confirmation is pending. The proposed agreement outlines a phased approach: an initial interim deal, a detailed agreement between September and November, and a comprehensive pact requiring Congressional approval by next year. This initiative seeks to strengthen bilateral trade relations and prevent potential trade disruptions. (PC: Business Standard)

Myntra and Ajio have stopped selling Turkish brands after calls to boycott Turkey over its support to Pakistan during the recent India-Pakistan conflict. Myntra removed brands like Trendyol, while Ajio marked Koton, Mavi, and others as ‘out of stock.’ Reliance, which owns Ajio, also shut its Turkey office. A company official said the step was taken to reflect “India’s values and sentiment.” The move follows India’s Operation Sindoor and support from Turkey and Azerbaijan for Pakistan. The CAIT trade group has urged a full trade ban with the two countries and called on filmmakers to stop shooting in Turkey and Azerbaijan.

On May 19, 2025, the UK and EU finalized a landmark post-Brexit agreement to reset trade and defence ties. The deal allows UK firms like BAE and Rolls-Royce to participate in the EU's €150 billion defence procurement program. It also reduces trade barriers, eases food and visitor access, and introduces a 12-year mutual fishing arrangement. Prime Minister Keir Starmer projects a £9 billion economic boost by 2040, emphasizing benefits like cheaper food and enhanced energy security. While critics like Nigel Farage oppose the deal, Starmer maintains it preserves UK independence while fostering cooperation. The agreement also opens discussions on youth mobility and the Erasmus+ exchange program. (PC: BBC)

President Donald Trump's proposed "One Big Beautiful Bill Act" aims to impose a 5% tax on all international money transfers made by non-US citizens, including H-1B visa holders and green card holders. This tax would affect nearly 4.5 million Indians in the U.S., potentially costing the Indian community $1.6 billion annually, based on the $32 billion remitted from the U.S. to India in 2023-24. The tax applies to all remittances, including investment income and stock option proceeds, with no exemption threshold. The bill also allocates $46.5 billion for border wall construction and immigration enforcement, including hiring additional agents and imposing a $1,000 fee on asylum seekers. (PC: Mint)

In May 2025, the United States rejected 15 shipments of Indian mangoes at major entry points including Los Angeles, San Francisco, and Atlanta airports. The rejections were due to discrepancies in the PPQ203 form, which certifies irradiation treatment—a mandatory requirement for mango exports to the US. Although the mangoes were treated at USDA-approved facilities in Mumbai, errors in documentation led to their denial. Exporters, unable to afford re-shipment or storage, chose to destroy the consignments, resulting in losses exceeding $500,000. The incident highlights the need for strict compliance in export documentation. (PC: The Economic Times)

On May 17, 2025, former U.S. President Donald Trump claimed he prevented a nuclear war between India and Pakistan. In an interview with Fox News, Trump said tensions had escalated dangerously after the Pahalgam terror attack and India’s Operation Sindoor. He asserted that his timely diplomatic engagement helped de-escalate the crisis. Trump emphasized, “I stopped that war… very close [to nuclear war].” He also highlighted India's readiness to ease tariffs on U.S. goods following the talks. Indian authorities have not officially confirmed Trump’s role in the de-escalation. His remarks have sparked renewed global debate. (PC: Potus)

Vodafone Idea (Vi) has issued a warning that it may not be able to continue operations beyond the financial year 2026 without further government aid. The telecom company is grappling with heavy debt and fierce competition in India’s market. Despite efforts to improve its financial health, Vi’s survival depends heavily on more support from the government, which holds a significant stake in the firm. This highlights the ongoing financial challenges in the Indian telecom sector and the critical role of government intervention for Vi’s future. (PC: The Economic Times)  

Turkey-based Çelebi Aviation Holding's shares plummeted nearly 20% over two days after India revoked security clearance for its Indian subsidiaries, citing national security concerns. The Bureau of Civil Aviation Security's decision halts Çelebi's operations in India, which contributed a third of its 2024 revenue. The move follows India's backlash against Turkey's support for Pakistan in a recent conflict. Çelebi's Indian arm asserts it's an Indian enterprise led by local professionals. The company plans to pursue all administrative and legal remedies to reverse the decision. Airports and airlines previously partnered with Çelebi are now turning to other major ground handling players in India's aviation sector. (PC: Facebook & The Indian Express)

Despite U.S. President Donald Trump's call for Apple to halt iPhone production in India and shift manufacturing to the U.S., Apple's plans in India remain unchanged, according to sources. Trump's request aligns with his "Make in USA" initiative, aiming to boost domestic industry. However, Apple continues to expand its operations in India, viewing it as a strategic move to diversify its supply chain amid U.S.-China trade tensions. The company has intensified production in India in recent years and aims to produce all iPhones sold in the U.S. in India by the end of 2026. Relocating iPhone production to the U.S. appears unlikely due to limited availability of necessary labor, suppliers, and manufacturing infrastructure. (PC: Logo Histories)