Current Affairs: 24th October 2025
U.S. sanctions Russian oil majors; Indian refiners poised to cut buy

Context: Rosneft and Lukoil hit with sanctions for ‘funding Kremlin’s war machine’, pushing global oil prices up 3%; Trump saysIndia will cut down imports to ‘almost nothing’ by year-end; Indian firms are ‘recalibrating’ to align with govt. guidelines.
- U.S. President Donald Trump hit Russia’s two biggest oil companies with sanctions in his latest policy shift on Moscow’s war in Ukraine, prompting global oil prices to rise by 3%.
- Mr. Trump also reiterated his claim that India has agreed to “stop” buying oil from Russia and would bring its oil purchases down to “almost nothing” by the end of the year, and said he would persuade China to do the same. India and China are the two biggest buyers of Russian oil.
- Indian refiners — including Reliance, the top Indian buyer of Russian crude — are poised to sharply curtail imports of Russian oil to comply with the new U.S. sanctions, industry sources said.
‘Funding war’
- The U.S. sanctions target oil giants Rosneft and Lukoil, which between them account for more than 5% of global oil output. The U.S. Treasury has given companies until November 21 to wind down their transactions with the Russian oil producers.
- “Given [Russian] President [Vladimir] Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine,” U.S. Treasury Secretary Scott Bessent said in a statement. “We encourage our allies to join us in and adhere to these sanctions.”
- Oil and gas revenue, currently down 21% year-on-year, accounts for a quarter of Russia’s budget and is the most important source of funding for its war in Ukraine, now in its fourth year.
- Mr. Trump expressed confidence regarding India’s response to the sanctions. “India, as you know, has told me they are going to stop [buying Russian oil]… It’s a process. You can’t just stop… By the end of the year, they’ll be down to almost nothing, almost 40% of the oil. India, they’ve been great. Spoke to Prime Minister [Narendra] Modi yesterday. They’ve been absolutely great,” the U.S. President told reporters at the White House on Wednesday.
- Reliance Industries, which operates the world’s biggest refining complex at Jamnagar in Gujarat, has a long-term deal to buy nearly 500,000 barrels per day of crude from Rosneft and also buys Russian oil from intermediaries. It now plans to reduce or cease imports of Russian oil, including halting purchases under its deal with Rosneft, people familiar with the matter said.
‘Recalibration on’
- “Recalibration of Russian oil imports is ongoing and Reliance will be fully aligned to GOI [Government of India] guidelines,” a Reliance spokesman said in response to a query on whether the company plans to cut its crude imports from Russia.
- Nayara Energy, another private Indian refiner whose biggest shareholder is Rosneft, also buys oil from the Russian state company, but did not respond to a request for comment on the sanctions.
- State-owned oil refineries, including Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum, are reviewing their Russian oil trade documents to ensure no supply will be coming directly from Rosneft and Lukoil, though trade sources said their purchases are typically made through intermediaries.
- “There will be a massive cut. We don’t anticipate it will go to zero immediately as there will be some barrels coming into the market” via intermediaries, a refinery source said.
- The U.S. sanctions came after Mr. Trump cancelled a planned summit with Mr. Putin in Budapest, saying that it would not achieve the outcome he wanted. Russian Foreign Ministry spokeswoman Maria Zakharova shrugged off the likely impact of the sanctions, saying Moscow had developed a “strong immunity” to such restrictions. Moscow’s main revenue source comes from taxing output, not exports, which is likely to soften the immediate impact of the sanctions on state finances.
- Ukrainian President Volodymyr Zelenskyy thanked the U.S. for the new sanctions, saying they were “very important” but that more pressure would be needed to get Moscow to agree to a ceasefire.
Pan-India SIR to cover more than 10 States in first phase
Context: The Election Commission (EC) is all set to announce the schedule for a country-wide roll-out of the Special Intensive Revision (SIR) of electoral rolls at a press conference in the next few days.
- The first phase of the process will be implemented in more than 10 States and one Union Territory, including election-bound Assam, Tamil Nadu, Puducherry, Kerala, and West Bengal.
- The EC took stock of the preparedness of all States and Union Territories for the pan-India SIR, at the two-day conference of Chief Electoral Officers (CEO) that concluded here on Thursday.
Schedule soon
- The full commission will now discuss the matter and take a call on the schedule, which would be announced soon.
- The process is expected to be rolled out in two phases, beginning with Assam, Tamil Nadu, Puducherry, Kerala, and West Bengal, where Assembly elections are due in 2026.
- Those States where local body polls are scheduled to be held and are likely to experience harsh weather conditions during the winter will be tackled in later phases.
- The sources said the commission heard the points raised by the CEOs of all States at the conference and while it responded to general queries and held a presentation on the SIR, no concrete decisions were announced at the meeting. It was stated that a decision would be communicated to all CEOs after the meeting of the Election Commission members.
- The commission assessed the progress made on the directions previously issued to the CEOs to map the current electors with the electors as per the last SIR in the States and Union Territories, according to an official statement by the poll body.
- The statement said the commission also interacted one-to-one with the CEOs of poll-bound States/Union Territory of Assam, Tamil Nadu, Puducherry, Kerala, and West Bengal.
- The two-day conference was held as a follow-up to the SIR preparedness conference held on September 10, during which all the States/U.T.s gave detailed presentations on the number of electors, qualifying date of last SIR, and the electoral rolls in their respective States/U.T.s as per the last completed SIR.
- The SIR process has been challenged in the Supreme Court. The court, while not questioning the EC mandate to conduct the SIR, had asked the poll body to include Aadhaar as the 12th document to prove identity.
Union govt. asks CJI to recommenda successor
Context: The Centre has, in a letter to Chief Justice of India B.R. Gavai, sought his recommendation for naming his successor. The CJI is currently on a four-day visit to Bhutan. His office said he would come back and send his recommendation to the government.
- As per seniority norms, Justice Surya Kant is the next in line to become the 53rd CJI. Chief Justice Gavai is scheduled to retire on November 24.
- Under the Memorandum of Procedure for appointment of the CJI and Supreme Court Judges, the Law Ministry seeks the recommendation of the outgoing CJI on the next appointment. The letter from the government kickstarts the appointment process for the next CJI.
- Justice Kant became the youngest Advocate-General of Haryana on July 7, 2000, and was designated a senior advocate in March 2001.
- He was elevated as a judge of the Punjab and Haryana High Court on January 9, 2004 and was appointed the Chief Justice of the High Court of Himachal Pradesh in October, 2018.
- He was appointed as a Supreme Court judge on May 24, 2019. He is due to retire on February 9, 2027.
Modi to participate in ASEAN meet virtually, drops Malaysia travel plan
Context: Prime Minister Narendra Modi will not travel to Malaysia to attend the 47th ASEAN summit on October 26, but will participate in it virtually. This was announced by him in a social media post.
- The annual summit of the Association of Southeast Asian Nations (ASEAN), a 10-nation grouping, and associated meetings will be held from October 26 to 28 in Kuala Lumpur.
- The Ministry of External Affairs (MEA) has not provided any reason for Mr. Modi’s decision, though Malaysian Prime Minister Anwar Ibrahim said that Mr. Modi had cited the “ongoing Deepavali celebrations” as the reason for the change in plans.
Jaishankar goes instead
- The Ministry announced that External Affairs Minister S. Jaishankar would represent Mr. Modi and lead the Indian delegation at the summit on October 27.
- “Had a warm conversation with my dear friend, Prime Minister Anwar Ibrahim of Malaysia. Congratulated him on Malaysia’s ASEAN Chairmanship and conveyed best wishes for the success of upcoming summits. Look forward to joining the ASEAN-India Summit virtually, and to further deepening of the ASEAN-India Comprehensive Strategic Partnership,” Mr. Modi said.
- In a statement posted on X, Mr. Ibrahim said he had discussed the details of the summit with Mr. Modi. “…I respect his decision and extended my greetings for a happy Deepavali to him and the people of India.”
- The summit will draw a host of dignitaries, including U.S. President Donald Trump. It was expected that the venue would be a meeting opportunity for Mr. Modi and Mr. Trump, especially as the India-U.S. relations remain uneasy after Mr. Trump imposed punitive tariff on India because of India’s purchase of Russian crude oil.
- Mr. Trump and Mr. Modi exchanged greetings on Deepavali on Tuesday as the India-U.S. negotiations for a trade pact continue. The two sides, however, gave differing takes of the conversation with Mr. Trump telling a group of prominent Indian-Americans and Indian Embassy officials in the White House that the call focused on trade deal, purchase of Russian oil and “no war with Pakistan”, and the Indian sources maintaining that Pakistan was not discussed during the call.
- Officials had earlier given mixed signals about Mr. Modi’s travel plans for Kuala Lumpur saying that the Bihar election campaign requires the Prime Minister’s attention. Earlier, Mr. Trump had invited Mr. Modi to the Sharm-el-Sheikh peace summit for ceasefire in the Gaza Strip but India was represented at the event by Kirti Vardhan Singh, Minister of State for External Affairs.
- Since the U.S.’s imposition of 50% punitive tariff on India on August 7, Mr. Modi and Mr. Trump have spoken on multiple occasions, but have not met despite meeting opportunities. The official-level conversation has also become difficult as Mr. Trump continues to insist that he mediated an end to the May 2025 conflict between India and Pakistan, a claim that Indian officials have refused to confirm.
India, Bhutan review border management and security
Context: India and Bhutan reviewed border management and security in a meeting held at Thimphu from October 16-17, a statement by the Union Home Ministry.
- The Ministry said the two countries had reviewed bilateral security cooperation and border management issues, including mobile signal spillover, future road map for integrated check posts, maintenance of boundary pillars, and cross-border movement.
- Discussions covered capacity building for Bhutan’s police. The delegations expressed satisfaction at the constructive discussions and reiterated their resolve to work together for a secure border, the Ministry said.
- This was the 14th India-Bhutan Border Management and Security meeting. The last meeting was held in 2019. The Indian delegation was led by Rajendra Kumar, Secretary, Department of Border Management, Home Ministry, while the Bhutanese side was headed by Sonam Wangyel, Secretary, Ministry of Home Affairs.
Tri-services to get systems, platforms for ₹79,000 cr.
Context: The acquisitions are designed to enhance lethality, mobility and intelligence-gathering capabilities across the services; Defence Acquisition Council, chaired by Rajnath, approves the proposals.
- The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, on Thursday approved a series of capital acquisition proposals worth around ₹79,000 crore aimed at strengthening the operational capabilities of the Army, Navy and Air Force.
- The Defence Ministry said the approvals granted during a meeting at South Block would cover a wide spectrum of platforms and systems designed to enhance lethality, mobility, and intelligence-gathering capabilities across the Services.
- For the Army, the DAC accorded Acceptance of Necessity (AoN) for the procurement of the Nag missile system (tracked) Mk-II (NAMIS), ground-based mobile ELINT System (GBMES), and high-mobility vehicles (HMVs) with material handling cranes.
- The NAMIS (Tracked) will bolster the Army’s ability to destroy enemy armoured vehicles, bunkers, and other fortified positions, while the GBMES will provide round-the-clock electronic intelligence on enemy emitters. The induction of HMVs is expected to significantly enhance logistic support in challenging terrains.
- For the Navy, the AoN was granted for the acquisition of landing platform docks (LPDs), 30 mm naval surface guns, advanced light weight torpedoes (ALWTs), electro-optical infrared search-and-track systems, and smart ammunition for 76 mm super rapid gun mounts.
- The LPDs will augment the Navy’s amphibious warfare capabilities and enable it to undertake joint operations with the Army and Air Force. They will also enhance India’s capacity to conduct peacekeeping, humanitarian assistance, and disaster relief (HADR) missions. The indigenously developed ALWT by the DRDO’s Naval Science and Technological Laboratory is capable of engaging conventional, nuclear, and midget submarines.
- For the Indian Air Force, the AoN was accorded for the collaborative long-range target saturation/destruction system (CLRTS/DS) and other related systems. The CLRTS/DS features autonomous take-off and landing, navigation, target detection and payload delivery capabilities, aimed at augmenting the IAF’s long-range precision engagement capacity.
- The approvals reflect the government’s continuing emphasis on modernisation, self-reliance and indigenisation under the ‘Aatmanirbhar Bharat’ initiative, officials said.
‘90% of Gaganyaan development work done’
Context: Indian Space Research Organisation (ISRO) Chairman V. Narayanan said that about 90% of the development work on the Gaganyaan mission had been completed.
- “The Gaganyaan mission is going on very well. A lot of technological development has to take place. Number one, the rocket has to be human-rated, the life support system, the crew escape system and of course, human-centric products. I can say today that approximately 90% of the development work has been completed,” Mr. Narayanan said.
3 uncrewed missions
- He added that the crewed mission to launch the Indian astronauts into space would take place in 2027 and prior to that, ISRO would undertake three uncrewed missions.
- “Three uncrewed missions have to be accomplished, the first uncrewed mission with the humanoid Vyomitra is expected to take flight by the end of this year. We want to accomplish the crewed mission by 2027,” he said.
‘UPI leads in payment volume, RTGS value; debit card deals dip’
Context: In the half year ended June 2025, payment transaction volume was 12,549 crore, amounting to ₹1,572 lakh crore, according to a RBI report.
- In terms of volume, payment transactions grew from 3,248 crore in Calendar Year (CY) 2019 to 20,849 crore in CY 2024 and in terms of value from ₹1,775 lakh crore to ₹2,830 lakh crore during this period, according to Payment Systems Report, a bi-annual publication released by the Reserve Bank of India (RBI).
- In the half year (HY) ended June, transaction volume was 12,549 crore, amounting to ₹1,572 lakh crore. Almost all of the growth in payments was attributable to digital payment transactions.
- “In CY19, digital payments accounted for approximately 96.7% of the total payment transactions by volume and 95.5% by value,” as per the report.
- By CY24, these figures had risen to 99.7% in terms of volume and 97.5% in terms of value.
- The volume of UPI transactions has increased significantly from 1,079 crore transactions in CY19 to 17,221 crore transactions in CY24. The total value of transactions grew from ₹18.4 lakh crore in CY19 to ₹246.8 lakh crore in CY24.
- In H1 of CY25, the volume of UPI transactions stood at 10,637 crore amounting to ₹143.3 lakh crore in value.
- During the period CY19 to CY24, NEFT transactions more than tripled in terms of volume, from 262.2 crore to 926.8 crore. However, during the same period, in terms of value, they grew from ₹232.9 lakh crore to ₹432.8 lakh crore.
- In H1 of CY25, NEFT already processed 490.5 crore transactions, worth ₹237 lakh crore, indicating sustained growth and widespread adoption.
RTGS surges
- Large value payment system RTGS transactions volume grew from 14.8 crore in CY19 to 29.5 crore in CY24, while transaction value rose from ₹1,388.7 lakh crore to ₹1,938.2 lakh crore during this period.
- In CY25, by H1 alone, RTGS recorded 16.1 crore transactions amounting to ₹1,079.2 lakh crore, indicating sustained growth and usage.
Debit cards dip
- Transactions in debit cards witnessed a decline since 2019, both in volume and value. In volume terms, debit card transactions declined from 495.32 crore in CY19 to 173.80 crore in CY24, while in value terms, they declined from ₹6.83 lakh crore to ₹5.15 lakh crore during this period.
- In H1 2025, debit cards recorded 69.09 crore transactions valued at ₹2.22 lakh crore. While Prepaid Payment Instrument (PPI) transaction volume rose from 516.2 crore in CY19 to 698.9 crore in CY24, transaction value remained almost at the same level of ₹2.23 lakh crore during this period. During H1 of 2025, PPIs recorded transaction volume of 404.7 crore and value of ₹1.23 lakh crore.
India’s Russian crude imports in October remain ‘robust’: Kpler
Context: India’s imports of Russian crude oil remain ‘robust’, tracking at approximately 1.8 million barrels per day at present, provisionally up by 2,50,000 barrels per day from September, maritime data and analytics provider Kpler mentioned in a blogpost.
- The blogpost added Russian barrels remained the ‘largest single source of crude for India accounting for about 34% of the overall share and entailed ‘compelling discounts’ which were ‘too significant for refiners to ignore’.
- Thus, it sought to infer U.S. President Donald Trump’s remarks initially made on October 15 suggesting India would reduce Russian crude imports, are “likely pressure tactics linked to trade negotiations.” India’s Russian oilpurchases have been the single major point of contention in the talks for a favourable U.S. trade deal.
‘Cutting imports costly’
- With Moscow accounting for 30-35% of the Indian basket off late, the blog held, “substitution would require rapid scaling from multiple suppliers at higher costs.”
- Kpler also observed though there has been a stronger push for diversification, Russian contracts are typically signed 6-10 weeks before arrival. “Rewiring all that takes time.”
‘Ethanol tender order may hit 350 makers’
Context: Ethanol producers have raised concerns on the recent ethanol tender order for the 2025-2026 ethanol supply year that reportedly favours new entrants in deficit zones.
- The published allocations indicate at least 350 distilleries are deprived of adequate procurement orders from Oil Marketing Companies (OMCs). Many of the units were set up on an understanding with the OMCs or were part of earlier policy steps, as per the Grain Ethanol Manufacturrers Association (GEMA).
- GEMA said in a release that according to the “Allocation Methodology and Criteria” in the tender document, “The zones where the offers from the distilleries located in the zone are less than the requirement of the zone, this has been considered as deficit zone. For these zones, offers from vendors shall be considered in full for allocation.”
- The policy, which appears to support local sourcing in deficit areas, ignores surplus capacity promoted by the OMCs in neighbouring States. The allocation method bypasses distilleries established with understandings such as long-term off-take pacts and expression of interest.






