Russia-Ukraine conflict: Inter-departmental meeting on, to access impact of Russia-Ukraine crisis; Empowered Group meeting on LIC IPO likely soon

An Inter-Departmental meeting of the Government of India (GoI) is being held to review the impact of the ongoing Russia Ukraine crisis. The meeting will likely be continued on Saturday. The Petroleum Ministry is keeping an eye on the prices of crude oil. A decision can be taken soon regarding this. At the same time, a decision can also be taken on releasing oil from the Strategic Reserve.

In the meeting, divestment processes of several public companies will be reviewed including the most anticipated public issue of Life Insurance Corporation of India of India (LIC). A meeting of Empowered Group can also be called soon regarding disinvestment. 

The central government is also reviewing the situation about edible oil. If the war situation continues for a long time, then duty reduction and other import-related concessions can be given. Actually, edible oil companies are saying that they have only 30 days of stock left. In view of this, the impact on exports and imports can also be reviewed in this meeting.

At the same time, today the Reserve Bank of India (RBI) and banks also have a meeting regarding US sanctions & SWIFT.