Morning Brief: August 26

• India is reducing purchases of Russian oil amid US pressure. Indian refineries plan to reduce Russian oil imports to 1.4-1.6 million barrels per day from October against 1.8 million in the first half of the year. The decision was made on the eve of the entry into force of the doubled US duties on imports from India (50% from August 27). However, we are talking about a tactical reduction: India does not intend to sever ties with Russia. Currently, it accounts for about 37% of Russian oil exports.

• Volodin met with Xi Jinping in Beijing. The Chinese President noted the contribution of the State Duma to strengthening Russian-Chinese relations and positively assessed the results of the work of the interparliamentary commission. According to him, Moscow and Beijing should continue the tradition of friendship, expand the interaction of legislative bodies and deepen cooperation in various areas.

• Trump has threatened duties on digital taxes. US President Donald Trump has said he will impose additional duties and export restrictions if countries do not lift digital taxes and regulations against American IT corporations. According to him, such measures are an «attack» on US technology and should be stopped immediately.

• Japan will invest $68 billion (about $68 billion) in India over 10 years. The funds will be used to develop cooperation in the fields of AI, semiconductors, mobility, ecology and healthcare. Japanese Prime Minister Shigeru Ishiba is expected to announce this at a summit with Narendra Modi. The countries will also review the security declaration (for the first time in 17 years) and launch an initiative for cooperation in the field of artificial intelligence, including the exchange of young specialists.