International cooperation

Aerial view of oil tanker

India stops accepting Russian oil delivered by U.S.-sanctioned tankers

Indian oil refineries have stopped accepting Russian crude oil delivered by tankers operated by Russia’s largest commercial shipping company that has been sanctioned by the U.S., likely as a result of the war on Ukraine. The move deals a significant blow to Russia’s economy as India has emerged as a major importer of Russian crude oil over the past two years.

India stops accepting Russian oil delivered by U.S.-sanctioned tankers More

A Somali flag

Somalia secures $4.5 billion debt relief deal with international creditors

The deal comes as part of a debt forgiveness program —called the Heavily Indebted Poor Countries initiative— overseen by the IMF and the World Bank. As a result of its participation in the program, Somalia’s external debt will fall from 64% of GDP in 2018 to less than 6% of GDP by the end of 2023.

Somalia secures $4.5 billion debt relief deal with international creditors More

Atoll

Australia offers Tuvalu residents special climate emergency visas in ‘groundbreaking’ treaty

It is expected that by 2050, half the land area of Tuvalu’s capital, Funafuti, will be flooded by tidal waters daily. Under the deal, Australia has committed to provide access to education, health care and income and family support instantly to Tuvaluans upon arrival.

Australia offers Tuvalu residents special climate emergency visas in ‘groundbreaking’ treaty More