RIYADH: The military conflict between Russia and Ukraine continues to dominate the global economy.
While Germany, Finland, and India’s Tata Steel Ltd are trying to secure alternative supply sources, Russia is seeking deeper economic ties with India.
Looking at the bigger picture:
·Germany is in talks with Qatar over bilateral cooperation in the energy and corporate investment sectors, Reuters reported, citing the federal chancellery's state secretary Joerg Kukies.
This comes as the European country is trying to secure alternative oil and gas supplies as it implements moves away from Russian supplies.
·Russia has urged India to further invest in its oil and gas sector amid the heavy sanctions imposed on the sector after the country invaded Ukraine, Reuters reported.
This comes as Russia is seeking to expand the sales network of its firms in Asia’s third-largest economy.
·Finland has started its first nuclear reactor in over 40 years, worth $6.4 billion, Bloomberg reported.
Also referred to as Olkiluoto-3, the reactor aims to slash the country’s flows from abroad by as much as 60 percent, and reduce its heavy dependency on neighbor Russia.
Through a micro lens:
·Indian multinational steel company Tata Steel Ltd. is seeking alternative sources of coal supply amid rising fear of potential supply disruptions post Russia’s invasion of Ukraine, Bloomberg reported.
This comes as the Indian corporation used to import up to 15 percent of its coal requirements from Russia.