Economy

Siluanov on the consequences of the situation in the Strait of Hormuz

The situation in the Strait of Hormuz has already led to an energy crisis in the world, the next step is an increase in the price of fertilizers and food, as well as the threat of a global economic recession... RIA Novosti, 05/13/2026

India mulls fuel price hike to save forex reserves amid oil shock

India is considering fuel price hikes, import curbs, and foreign exchange restrictions as soaring oil prices weaken the rupee and strain reserves

Russian economy resilient despite GDP contraction and sanctions

Russian Deputy Prime Minister Aleksandr Novak says economy remains resilient despite a GDP contraction, citing low unemployment, rising incomes and industrial growth

Strait of Hormuz crisis leaves Indonesian fishing fleets stranded, RT reports

Indonesian fishermen told RT that soaring diesel prices linked to the Strait of Hormuz crisis triggered by the US-Israeli war on Iran had left boats docked and crews without income

IN BRIEF: Key statements by Russian Economic Development Minister at meeting with Putin

Russia is the fourth-largest economy in the world in terms of purchasing power parity and expects to maintain this position

Normality of economic slowdown and energy crisis: statements by Novak

The Russian deputy prime minister said that consumer activity will slow down this year, though the slowdown in demand will not "limit long-term and sustainable economic growth"

How gold imports widen India’s current account deficit

India’s policymakers urge citizens to curb purchases of bullion as it adds pressure to the current account deficit, forex reserves and rupee as the Iran war persists

Modi urges Indians to save fuel amid oil supply disruptions

Modi urged Indians to resume remote work and digital meetings to cut fuel use, save foreign exchange, and ease inflation pressure from oil imports.

Modi calls for reinstatement of COVID-19 restrictions amid Middle East crisis

The Indian prime minister stressed the importance of fuel economy, called for a return to working from home and a review of consumption habits

Global oil inventories drain at record pace amid Hormuz disruption

Global oil stockpiles are shrinking at record speed as Hormuz disruptions strain crude and fuel markets

Middle East hostilities rapidly burn out global oil reserves

Global oil stockpiles dropped by about 4.8 million barrels a day between March 1 and April 25, the news agency said

Middle East conflict causes shortage of global sulfuric acid supplies

A large chunk of the world’s sulfur comes from Persian Gulf oil refineries and gas plants and has been choked off at the Strait of Hormuz