and iran is trying to get past its own sanctions and return to mainstream oil markets. might the e u. b, a future customer. welcome to the show. i'm seeking beardsley in berlin. credit ratings agency moody says russia may be in default on its sovereign debt. if it doesn't correct course, and make 2 recent payments in dollars instead of roubles, russia made the payments in question earlier this month. both were on dollar denominated bonds. moody said the settlement with rubles breeches, the terms of the contracts, and would put russia in default. the same payments are made in dollars by may. 4th, a currency is also at the heart of a dispute between russia and the e. u. overpayments for russian energy. on thursday, president vladimir putin threatened again to turn off energy flows to the e. u. if member states don't pay for gas and roubles, something they so far have refused to do. the keep speaking in a televised government meeting on thursday potent said that european firms could be considered in default on their payments. the

e u has emphasized that delivery contracts call for dollar or euro payments. a put in also said moscow was seeking new markets for its energy. as your tries to end russian imports. you're pretty much given, he said ok, we need to diversify the exports. visiting with it, we will assume that energy supplies to the west will decrease in the foreseeable future. therefore, it is important to seal the trend of recent years. to redirect our exports step by step towards foss, screwing markets in the south and east u. s. took. laurie debbie business reporter arthur sullivan joins me here in studio for more arthur put in there talking about directing energy elsewhere. where exactly is you referring to most likely and have we seen any effort so far to do just that now he mentioned stevens, the south and the east and roaches context that really means 2 countries, china and india, and really and truly rushes energy, alternative energy ambitions begin and end with china with i would say a more aspirational tales towards india. the reasons are obvious. those 2 countries

together combine almost, you know, 2800000000 of the world people. they are 2 of the top 3 energy consumers in the world. their obvious markets, markets to target. however, in terms of what we've seen so far, we have seen india buying slightly more oil from russia since the invasion because they've been able to get it at a discount, a significant discount. it's still not, not much, relatively speaking, a lot less than europe uses, obviously. and in terms of china, we have seen, you know, rhetoric and talk of, of new deals mean, for example, for everything and the new gas pipeline. but again, the immense involved are a relatively modest so no, so far we haven't seen enough evidence to suggest anything in a more substantial way. okay, so the aspirations, rushes, aspirations are potentially high, but it sounds like it's not very realistic that they can actually shift away or replace that you as a customer. exactly, an easy way to look at this is we've, we focus a lot on, on how much europe's depend on russian gas look at how much russia has been, depend on in europe as a customer. roughly 3 quarters of roaches, natural gas exports in recent times, have gone to europe. half it's oil has gone to europe. that's a huge market to try and replace in terms of realistically replacing that with

those markets in china and india. look at what's involved. so for example, gas gas pipelines need take years to be developed and built. there are some, you know, part of the point in the pipeline, but this is just not nowhere near the volume the goes to europe in terms of oil. yes, it's more movable, it can, it's easier to move around. but again, these countries, china and india, they have long standing relief ships with middle eastern partners, they get their oil from saudi arabia to get their oil from the u. e. they may see those more stable, stable sources, and they're not necessarily going to append those relationships simply to have a better relationship with the criminal latimer putin. so no, it's, it's, it's difficult to say in a long term sense, all right, it will be businesses, arthur sullivan, in studio. thank you very much. or arthur mentioned those recent purchases of russian gas by i'm so russian oil i should say by india actions that have cause friction with western g 7 nations leading the sanctions against moscow. a delhi has thus far stock of struck a very defiant tone against warnings from the u. s. for example,

but how sustainable is its position? india has maintained close relations with russia for decades. the asian countries, not just a key customer for russian consumer goods, but weapons are also high up on the list of imports, especially our craft tanks and frigates, 60 percent off in the us arms and ports come from russia. india hasn't sanctioned russia over the war and ukraine. quite the opposite. at the end of march, new delhi ceased the opportunity to buy a russian oil edit deep discount. and as considering further orders to spite calls from the u. s. not to do so. if you're looking at energy purchases from russia, i would suggest that your attention should be focused on europe. i suspect, looking at the figures, probably our total purchases for the month would be less than what europe does in an afternoon. russian gas, coal, and cooking oil could also be exported to india as soon foreign minister sag

a lover of sought to strengthen trade chives. when he visited delhi, at the beginning of april, we will be ready to supply re, oh, goods which you knew was preferably paid, an indian rupees or russian roubles, lover of edits to help break the dominance of the u. s. dollar. maintaining a partnership with russia while not alienating the west, it's going to be a difficult line to tread for india. charo cards, a guy is, are corresponded in delhi charo. the narrative here is often that delhi is walking a very fine line. how is this issue seen over there in india? well, yes, even delhi is indeed walking a fine line. you know, the government of india has condemned the war, but it is not condemned. russia. the government condemned the killings in boucher in ukraine, but it did not condemn the russian forces or even

a russian president for that matter. so diamond ever since the war began. that's because it has its interests and mine. in india, in our experts are divided in their opinion on as, as to what should the nurse dan be right now. and there is a section of for analysts who look at foreign policy, will be saying that this is a quandary. and it does actually disappointing for a country that aspires to become a global support bar will afford not to be taken to clear that stand against against war and, and, and, and aggressor, country. but then there is a certain section of exports as well. who believe that india is doing what many other nations all are also doing, which is safeguarding their own interests, students, and charo at the same time, india is seeing these rising fuel prices, as are many countries around the world. how disruptive can that be for society in india? it's

a very problematic situation right now. steven, on prices have been going up significantly. there have been at least 13 odd price hikes so far. the prices offer of vehicle fuel have gone up and petrol and diesel as well as c n g. and these always tend to have a guest skating effect on the economy because of the, because of the transportation cost that is involved in transporting goods from one part of the country to another. so often these lead and as they are leading right now to arise in prices of other commodities as well and especially food. so that always becomes a pressure point for, for the government, because then eventually it. but when it, when it comes to the sort of a boiling point and pushes them, protest, begin. so far, wide spread protests have not been seen on the streets of the country so far. but then the opposition parties, they are riled and they've, and they have, they,

they've been organizing symbolic protests against the price of that's, of course, a very tricky situation for the government to handle. all right, so perhaps added incentive there to search for that cheap russian oil. i want to ask delhi, delhi has pointed out, the deli government has pointed out that europe is of course, still buying massive amounts of russian energy. should european got countries managed to agree on fossil fuel sanctions against russia? could that in theory put more pressure on india to do the same briefly if you could . i think steven, yes, that is a possibility that might increase the pressure on india. but i think what will increase the pressure further on india? what will will be the day when euro will stop digging russian gas because that's what the foreign minister station can and has always been alluding to that a european while european continues continue. countries continue to do business with russia. they can not be sermonizing, india against doing so. so when europe stopped doing with russia,

that will be the day when you will find it hard to do to pro, to, to submit arguments as to why it's continuous, really business relationship. but then even in spite of that, that is a significant amount of dependence on russia for a lot of defense as well as business needs. what remains to be seen were how long india will be able to resist this pressure. then continue this title, walk steam, all right, your car to car and deli, thank you very much. with the you discussing those possible oil sanctions against russia. the search for replacement sources is leading member states like germany to reconsider once taboo alternatives, such as drilling in the north sea. so could i read be individual partner for new imports that might be easier said than done? these oil platforms and iranian waters are working around the clock. the government in tehran doesn't publish official figures on how much oil the country exports. but

estimates suggest that sales abroad have fallen somewhere between 50 and 90 percent . that's due to us sanctions 1st put in place in 2018 before the sanctions, an estimated 4500000 barrels left to ron for the foreign market each day. while the u. s. has sanction sales, the european union has not, but the u. s. measures are enough to scare off almost any company that purchases iranian oil. the order for germany to buy iranian crude oil, it is necessary for the us to lift their sanctions on shipping companies, crude oil and financial transactions with iran financed with on of you. at the moment, no european shipping company wants to transport iranian oil with its tankers. no, refinery in europe wants to process the oil, and no international bank wants to handle the payment. the fear of penalties on the lucrative us market is to great iran cells,

most of its exported oil to china rather than use currency. iran and china have agreed to an oil for goods deal, a kind of barter transaction. yet iran hardly needs chinese goods. machines from europe, it would be much more important for the economy of a country with a population of $83000000.00 young entities. and iran especially has a huge problem with foreign exchange. if this crude oil is sold via international payments, then you naturally a foreign exchange and you can make better use of foreign exchange. if you're able to import other products to inputs you missed the latest nuclear negotiations with iran, which could and the u. s. sanctions have made progress, but the remaining points of contention are tough. on one side to iran insists that the ron's revolutionary guards no longer be classified as a terrorist organization. but for the u. s. this is

a red line. also at the negotiating table is russia and russia is not interested in making it easier for iranian oil to replace russian oil in the global market. and that's it for me. and the dw business team checks out aligned to w dot com slash business. i'm seeing beardsley ah ah ah, see for chicken, for egg modem chick stress down there been brand to produce maximum

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