Russian oil flows to India are set to collapse to near zero after new US sanctions hit energy majors Rosneft and Lukoil, cutting off the key trade lifeline that’s fueled both economies for three years, senior Indian refinery executives told Bloomberg. It’s a sharp reversal for the world’s top buyer of Russian crude, as executives say the blacklisting would make it all but impossible for flows to continue.

Russia supplied about 36% of India’s crude this year, but that share is now expected to evaporate, deepening tensions with Washington after President Donald Trump’s August tariffs and his push for New Delhi to curb Russian oil purchases. 

The sanctions effectively end a lucrative arrangement born out of the Ukraine war, when India turned to cheap Russian barrels after G7 nations imposed a $60-per-barrel price cap. Now, Indian refiners are expected to move quickly to secure alternate supplies — a move that could squeeze  margins and raise import costs

The US move is also rippling through China’s oil sector, threatening as much as 20% of its crude imports and putting both state and private refiners under pressure to balance supply security with compliance risks. Under the curbs, companies must unwind dealings with the blacklisted producers by Nov. 21, raising the stakes for Beijing as it weighs access to cheap Russian barrels against the threat of secondary sanctions that could cut firms off from Western banking, shipping and insurance networks. -Jui Chakravorty

What You Need to Know Today

China’s Vice Premier He Lifeng will meet US officials in Kuala Lumpur on Friday for the next round of trade talks aimed at easing tensions between the world’s two largest economies. The Chinese Commerce Ministry said the discussions will focus on “important issues” in bilateral trade, following a call last week between He — Beijing’s top negotiator —and US Treasury Secretary Scott Bessent to lay the groundwork for the in-person summit.

Indian Prime Minister Narendra Modi will skip the ASEAN summit in Kuala Lumpur, joining virtually amid ongoing Deepavali festivities, Malaysian leader Anwar Ibrahim said. His no-show means passing up a possible face-to-face with Trump — as trade tensions flare over Washington’s 50% tariffs on Indian exports and pressure on buying Russian oil. Indian media reported that Modi would likely be represented by External Affairs Minister Subrahmanyam Jaishankar.

South Korea and the US are fine-tuning the structure of Seoul’s $350 billion investment pledge, rather than a currency swap,  Finance Minister Koo Yun Cheol told Bloomberg TV, signaling that the deal’s composition — a mix of investments, loans and guarantees — is the main focus ahead of next week’s APEC summit. Cheol said the package’s makeup will dictate if a swap is needed, as the won wobbles and Seoul presses Washington to ease auto tariffs still weighing on trade talks.

Boeing has named Landon Loomis as its new China head, a strategic move as the American planemaker nears a potential 500-jet deal with Beijing amid fraught US-China trade tensions. A fluent Mandarin speaker and former US diplomat in Beijing, Loomis brings political and regional savvy as Trump and his Chinese counterpart Xi Jinping prepare to meet at the APEC summit — a moment that could shape both Boeing’s fortunes and broader “plane diplomacy” between the two powers.

Landon Loomis Photographer: Tarina Rodriguez/Bloomberg

Nomura CEO Kentaro Okuda sees big potential to tap Japanese investors’ growing appetite for private markets, saying exposure remains far below global levels. As part of Nomura’s push beyond traditional stock and bond sales, its alternative assets have surged 25% to $18 billion. The firm is also capitalizing on Japan’s corporate dealmaking boom —  it’s the top adviser on Japan-related M&A so far this year, with Okuda expecting that momentum to continue. Okuda also said private products can boost returns and stability, even as the firm stays cautious amid recent US private credit concerns.

Foreign investors boosted purchases of Indian government bonds 46-fold last week, pouring in 55.5 billion rupees ($631 million) as the Reserve Bank of India’s aggressive rupee defense restored confidence. The central bank’s intervention lifted the currency, drawing global funds to India’s high-yielding debt and pushing returns ahead of emerging-market peers. With easing inflation and stable rates, analysts say a firmer rupee and solid carry returns could keep foreign money flowing — as long as trade tensions don’t reignite and the central bank support holds firm.

South Korea’s property rally is showing no signs of cooling, with Seoul apartment prices rising for a 38th straight week, helping keep the Bank of Korea from cutting interest rates. Despite new government curbs on mortgages and speculative buying, demand remains strong, especially in prime complexes and areas near transit hubs. BOK Governor Rhee Chang Yong warned that home prices are still far too high relative to incomes, signaling the bank’s caution as it balances housing risks against a slowing economy.

Interior of an apartment in Gimpo, South Korea. Photographer: SeongJoon Cho/Bloomberg

What You’ll Need to Know Tomorrow

For Your Commute

Fashion, writes my colleague Felix Salmon, “thrives on creative tension,” especially between the opposing pulls of maximalism and minimalism — a dynamic that defined Matthieu Blazy’s restrained debut for Chanel during Paris fashion week. His crisp, quietly weighted silhouettes offered a counterpoint to the theatricality elsewhere on the runways and echoed the spirit of François Pinault’s “Minimal” exhibition, which celebrates art meant to be “experienced by the body,” according to art historian Emma Lavigne. A season of spectacle, Blazy’s precision — and the broader return to structure and restraint — suggests that minimalism’s rigor may once again be fashion’s boldest form of expression, writes Salmon.

Chanel’s Spring/Summer 2026 show in Paris. Photographer: Kristy Sparow/Getty Images Europe

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