Ukrainian President Volodymyr Zelenskyy has said Russia’s economy remains heavily dependent on major buyers such as India, China and Turkey, arguing that reducing their purchases of Russian energy could increase pressure on Moscow and affect its ability to continue the war in Ukraine. Zelenskyy made the remarks in an interview with The Wall Street Journal, where he discussed the role of Russian energy exports in supporting the country’s economy. He urged major buyers to reconsider their purchases of Russian oil as Ukraine continues to seek stronger international pressure on Moscow.
India has become one of the largest buyers of Russian crude since the start of the Ukraine conflict. Indian refiners increased purchases after Russian oil became available at discounted prices following Western sanctions and restrictions on Moscow’s energy exports. New Delhi has consistently defended its decision to purchase Russian crude, saying energy security and affordable supplies are important considerations for India. Indian officials have also maintained that purchasing oil from Russia is not a solution to the Ukraine conflict and that the war ultimately requires dialogue and diplomacy.
Recent trade data, however, indicates that India's purchases of Russian crude have been declining. Reuters reported that Indian imports of Russian oil fell to around 2.1 million barrels per day in August, down 16.5% from July. Russia nevertheless remained India's biggest oil supplier during the month. The issue has gained additional significance following increased pressure from the United States on countries continuing to purchase Russian energy. Washington has been considering and implementing measures aimed at reducing Russia's oil revenues, with potential consequences for major importers.
For India, any substantial reduction in Russian oil purchases would need to be balanced against the country's large energy requirements. Indian refiners can source crude from the Middle East and other suppliers, but changes in suppliers can affect transportation costs, crude prices and refining economics.
Zelenskyy's comments therefore highlight the wider geopolitical importance of India's energy relationship with Russia. While Ukraine wants major economies to cut Russian energy revenues, India has continued to focus on maintaining a reliable and affordable supply of crude while diversifying its sources. The future of Russian oil purchases by India could remain an important issue in India-US relations, the global energy market and the broader diplomatic efforts surrounding the Russia-Ukraine war.
Disclaimer: This image is taken from AFP.
Zee Group founder Subhash Chandra has approached the National Company Law Appellate Tribunal (NCLAT) challenging an order passed by a five-member special bench of the National Company Law Tribunal (NCLT), which restricted him from selling, transferring or otherwise dealing with his assets. The appeal relates to the NCLT's September 1 order issued during Chandra's personal insolvency proceedings. The NCLAT bench, comprising Officiating Chairperson Justice (retd) Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra, took up the matter and directed Chandra to provide copies of the appeal to the creditors involved in the proceedings. The case has been listed for further hearing on September 29.
Senior Advocate Dhruv Mehta, appearing for Chandra, told the appellate tribunal that the appeal specifically challenges the September 1 order passed by the special five-member NCLT bench. During the hearing, several creditors informed the NCLAT that they had either not received copies of the appeal or had not been formally included as parties, despite having participated in the proceedings before the NCLT. Taking note of their submissions, the appellate tribunal directed Chandra's legal team to provide copies of the appeal to all parties appearing before it and complete the necessary steps to implead the required parties.
The dispute arises from personal insolvency proceedings initiated against Chandra by Indiabulls Housing Finance Limited under Section 95 of the Insolvency and Bankruptcy Code (IBC). Under a repayment proposal submitted by Chandra, creditors were offered Rs 6.25 crore against admitted claims amounting to Rs 22,006.57 crore. The proposal also provided Rs 25 lakh towards expenses related to the insolvency resolution process.
The repayment proposal was initially examined by a two-member NCLT bench comprising Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri. The two members, however, arrived at differing views on the proposed repayment plan, after which the matter was referred to a larger five-member special bench.
The larger NCLT bench subsequently stayed the operation of an August 25 order concerning the repayment plan. It also directed that Chandra, in his capacity as guarantor, should not sell, transfer, alienate or otherwise deal with his assets, either directly or indirectly, while the insolvency proceedings remain pending. The five-member bench has separately sought a response from the Central Bureau of Investigation (CBI) within four weeks, observing that the agency's investigation could have a bearing on the insolvency proceedings. Chandra's legal team had opposed the move to make the CBI a party to the proceedings.
The latest appeal before the NCLAT is focused on the September 1 restriction preventing Chandra from dealing with his assets. The appellate tribunal will consider the matter further on September 29 after the relevant parties have received copies of the appeal and the required parties have been formally impleaded.
Disclaimer: This image is taken from ANI.
India is entering a potentially strong phase of unsecured credit growth, with personal loans expected to emerge as the key driver, according to a report by UBS. The investment bank said the outlook is supported by improving asset quality, stable household leverage, ample liquidity in the financial system and a gradual shift among lenders towards taking greater credit risk.
The assessment comes after a three-year adjustment period across several unsecured lending segments, including microfinance, personal loans, credit cards and unsecured business loans. UBS said asset quality has improved significantly across most of these categories, creating conditions for lenders to increase credit availability.
India's unsecured household leverage had increased from around 6 per cent of GDP in FY19 to approximately 10 per cent in FY24. However, the ratio has remained largely stable over the past three years. At the same time, gold-backed lending has expanded considerably, increasing from about 1 per cent of GDP to nearly 5 per cent by FY26.
UBS expects the rapid growth in gold loans to moderate as gold prices stabilise. Since gold loans have served as an important alternative to personal loans in recent years, slower growth in this segment could leave more room for personal lending to regain momentum. Signs of a recovery are already emerging. Citing CRIF data for August 2026, UBS said personal loan growth at NBFCs accelerated to around 30 per cent year-on-year, while banks recorded growth of about 9 per cent. For banks, the pace marked the strongest growth in nearly two years.
The recovery in NBFC personal lending has been particularly visible in mid-sized and larger-ticket loans. Together, these categories account for roughly 75 per cent of the overall NBFC personal loan portfolio. UBS said annual personal loan growth among NBFCs increased from about 16 per cent in March 2025 to 30 per cent in August 2026.
Improving asset quality is another factor strengthening the outlook. UBS said early-stage delinquency indicators across unsecured lending products have shown some of their strongest readings in recent quarters, although certain pockets of stress remain, particularly among smaller-ticket business loans issued by NBFCs.
In the NBFC personal loan segment, the share of loans that were between one and 30 days overdue declined to around 1.8 per cent in August 2026 from 3.5 per cent in June 2024. The report said personal loan asset quality across different loan sizes at banks and NBFCs is now at its strongest level in several quarters.
UBS believes the combination of stronger asset quality, faster personal loan growth and favourable liquidity conditions could support the earnings outlook for some lenders. The investment bank expects the unsecured lending cycle to gain momentum, with personal loans likely to lead the next stage of growth. The developments also highlight how lenders are gradually moving away from the cautious approach adopted during the previous credit cycle. While the improvement in asset quality provides room for faster lending, continued monitoring of borrower stress and underwriting standards will remain important as unsecured credit expands.
Disclaimer: This image is taken from ANI.
US President Donald Trump has backed the India-Middle East-Europe Economic Corridor (IMEC) as the United States and its regional partners look for alternative trade and energy routes amid growing concerns over disruptions linked to Iran and the Strait of Hormuz. Trump's support for the corridor comes at a time when tensions in West Asia have renewed attention on the vulnerability of major energy and shipping routes. The Strait of Hormuz is one of the world's most important pathways for oil and gas shipments, making any disruption in the area a concern for energy-importing countries and global markets.
The India-Middle East-Europe Economic Corridor was announced in 2023 as a major connectivity initiative involving India, the United States, Saudi Arabia, the United Arab Emirates and European partners. The proposed network is intended to connect India with the Gulf and then link the region to Europe through a combination of maritime and rail infrastructure.
Trump's backing gives the project additional strategic significance. While IMEC was initially promoted largely as a trade and connectivity initiative, the latest focus on energy security highlights how alternative infrastructure could help countries reduce their exposure to individual transportation chokepoints.
The corridor could provide stronger connections with Gulf economies and European markets. The proposed system would combine shipping links with rail networks, allowing goods to move through multiple modes of transportation. Such connectivity could eventually help businesses diversify supply chains and reduce their dependence on a single maritime route.
The energy component is particularly significant because Gulf producers rely heavily on established routes to transport oil and other energy products to international markets. Any prolonged disruption around the Strait of Hormuz can increase shipping costs, create delays and contribute to volatility in global energy markets.
Countries in the region have therefore been examining alternative infrastructure, including pipelines and other routes that can move energy without relying entirely on the Strait. These measures do not eliminate the importance of Hormuz, but they can provide additional options during periods of heightened regional tension.
IMEC also carries wider geopolitical importance. A functioning corridor would strengthen economic links between India, the Gulf and Europe while creating another major trade network across a strategically important region. The project has also been viewed in the broader context of efforts by the United States and its partners to develop resilient supply chains and deepen economic cooperation.
The corridor is not an immediate replacement for existing oil shipping routes. Building the necessary railways, ports and other infrastructure will require substantial investment and coordination among several countries. Political instability and security concerns in the region could also affect the pace at which different parts of the project are developed.
The renewed US interest in IMEC comes as the country continues to seek greater connectivity with the Middle East and Europe. If the proposed network advances, it could eventually become an important trade link connecting Indian markets with Gulf logistics hubs and European destinations. Trump's support therefore places IMEC back in the spotlight at a time when energy security and resilient supply chains have become central concerns for governments around the world. The project's long-term impact will depend on how quickly infrastructure plans move forward and whether participating countries can maintain the cooperation needed to turn the proposed corridor into a functioning trade network.
Disclaimer: This image is taken from NDTV.
US President Donald Trump’s Board of Peace is expected to present a six-month recovery programme for Gaza worth $2.45 billion at a meeting of its members on Wednesday, according to a report by Axios. The proposed initiative reportedly outlines funding for temporary shelters, clearing debris, repairing hospitals, supporting economic recovery and deploying a multinational security force in Gaza. Axios cited a copy of the plan while reporting the details. Reuters said it was not immediately able to independently verify the report.
Disclaimer: This image is taken from PTI.
Australian Treasurer Jim Chalmers unveiled Treasury’s 40-year economic projections as part of the Albanese government’s second Intergenerational Report. The report highlights several long-term challenges facing Australia, including shifting geopolitical conditions, the rapid growth of artificial intelligence and a significant demographic change, with deaths expected to exceed births within the coming decades. In an interview with Guardian Australia political editor Tom McIlroy and economics editor Patrick Commins, Chalmers discussed the outlook for the Australian economy and explained why he believes Labor’s policy plans can help the country adapt to an increasingly uncertain future.
Disclaimer: This podcast is taken from The Guardian.
Friends of exiled Russian opposition activist Igor Rogov were stunned when he was accused of having ties to the Kremlin. They struggled to believe that the young campaigner they knew could have secretly been working as an undercover agent.
Disclaimer: This podcast is taken from The Guardian.
As AI leaders worldwide call for a more measured pace of development, what could a potential slowdown mean for companies such as Plaud, which is expanding its presence in Singapore? Could tighter controls or a shift in the global AI landscape affect the company’s growth plans in the country? Daniel Martin explores these questions in a conversation with Megumi Yoshinaga, Head of APAC Marketing at Plaud.
Disclaimer: This podcast is taken from CNA.
Oil markets are coming under renewed strain after attacks disrupted Saudi Arabia’s East-West pipeline, an important alternative route to the Strait of Hormuz. With Brent and WTI crude prices climbing above US$100 per barrel and fuel costs continuing to rise, concerns are growing over the resilience of global oil supplies. Susan Ng speaks with Jaime Brito, Executive Director of Refining and Oil Markets at Dow Jones Energy, about the potential impact of a prolonged disruption on Singapore and wider Asian markets.
Disclaimer: This podcast is taken from CNA.
