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Adani’s $2.5 bln share offer backed by investors, despite short-seller attack

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MUMBAI, Jan 31 (Reuters) – Indian billionaire Gautam Adani’s $2.5 billion share sale inched closer to full subscription on Tuesday as investors pumped in funds after a tumultuous week for his group in which its stocks were pummeled by a scathing short-seller report.

The secondary share sale of flagship Adani Enterprises (ADEL.NS) was subscribed 93% on Tuesday, including the anchor investor portion, Indian stock exchange data showed. The share sale needed at least 90% subscription to go through.

By Monday, the book building process of the country’s largest share sale had received only 3% in bids, amid swirling concerns that the share sale could struggle due to a market rout in Adani’s stocks in recent days.

The share sale is critical for Adani, not just because it is India’s largest follow-on offering and will help cut debt, but also because its success will be seen as a stamp of confidence by investors at a time the tycoon faces one of his biggest business and reputational challenges of recent times.

The offer closes days after Adani’s public faceoff with Hindenburg Research, which on Jan. 24 flagged concerns about the use of tax havens and “substantial debt” at the group. It added that shares in seven Adani listed companies have an 85% downside due to what it called “sky-high valuations”.

That has since sparked $65 billion in cumulative losses for stocks of the Adani group, which called the report baseless.

The support for Adani’s share sale came even as the flagship’s shares were trading at 2,967 rupees, up nearly 2.5% but below the lower end of the share sale price band of 3,112 rupees.

“It looks down to the wire with just a few hours remaining on the last day, but the offering should go through. Institutions seem to be subscribing to capitalise on opportunity to buy in bulk quantities outside the open market,” said Dipan Mehta, founder director of Elixir Equities.

Adani Group’s total gross debt in the financial year ended March 31, 2022, rose 40% to 2.2 trillion rupees ($26.83 billion). Adani said on Sunday – while responding to Hindenburg’s allegations – that over the past decade the group has “consistently de-levered”. Hindenburg later said Adani’s “response largely confirmed our findings and ignored our key questions.”

Reuters Graphics

The group had in recent days repeatedly said investors were standing by its side and the share offering would go through, amid rising concerns that may not happen. Bankers at one point had considered tweaking the pricing of the issue, or extending the sale, Reuters had reported.

Adani even said the Hindenburg report was a “calculated attack” on the country and its institutions while its CFO compared the market rout of its stocks to a colonial-era massacre.

Demand from retail investors remained muted, garnering bids only worth around 10% of the shares on offer for that segment. On Tuesday, demand mostly came from foreign institutional investors, as well as corporates who bid in excess of 1 million rupees each, data showed.

Over the weekend and through Monday, Adani’s firm held extensive discussions with investment bankers and institutional investors to attract subscriptions, according to two sources with direct knowledge of the talks.

Abu Dhabi conglomerate International Holding Company (IHC.AD) said it will invest $400 million in the issue.

“The follow-on public offering has to go through to restore investor confidence,” said V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The Hindenburg report and its fallout have drawn global attention. Adani is now the world’s eighth richest person, down from third ranking on Forbes’ rich list last week.

Adani Transmission (ADAI.NS) rose 1.6% on Tuesday, after losing 38% since the Hindenburg report, while Adani Ports and Special Economic Zone (APSE.NS) climbed 3.2%.

Adani Total Gas (ADAG.NS) languished at its 10% lower price limit, while Adani Power (ADAN.NS) and Adani Wilmar (ADAW.NS) were down 5% each.

Reuters Graphics

Global index publisher FTSE Russell said on Tuesday it continues to monitor publicly available information on the group, in particular from the Indian regulatory authorities.

Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group. On Tuesday, U.S. dollar-denominated bonds issued by Adani Ports and Special Economic Zone continued their fall into a second week.

($1 = 82.0025 Indian rupees)

Reporting by M. Sriram and Chris Thomas; Editing by Aditya Kalra and Muralikumar Anantharaman

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Exclusive: Top U.S. Treasury official to warn UAE, Turkey over sanctions evasion

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WASHINGTON, Jan 28 (Reuters) – The U.S. Treasury Department’s top sanctions official on a trip to Turkey and the Middle East next week will warn countries and businesses that they could lose U.S. market access if they do business with entities subject to U.S. curbs as Washington cracks down on Russian attempts to evade sanctions imposed over its war in Ukraine.

Brian Nelson, undersecretary for terrorism and financial intelligence, will travel to Oman, the United Arab Emirates and Turkey from Jan. 29 to Feb. 3 and meet with government officials as well as businesses and financial institutions to reiterate that Washington will continue to aggressively enforce its sanctions, a Treasury spokesperson told Reuters.

“Individuals and institutions operating in permissive jurisdictions risk potentially losing access to U.S. markets on account of doing business with sanctioned entities or not conducting appropriate due diligence,” the spokesperson said.

While in the region, Nelson will discuss Treasury’s efforts to crack down on Russian efforts to evade sanctions and export controls imposed over its brutal war against Ukraine, Iran’s destabilizing activity in the region, illicit finance risks undermining economic growth, and foreign investment.

The trip marks the latest visit to Turkey by a senior Treasury official to discuss sanctions, following a string of warnings last year by Treasury and Commerce Department officials, as Washington ramped up pressure on Ankara to ensure enforcement of U.S. curbs on Russia.

STRAINED RELATIONS

Nelson’s trip coincides with a period of strained ties between the United States and Turkey as the two NATO allies disagree over a host of issues.

Most recently, Turkey’s refusal to green-light the NATO bids of Sweden and Finland has troubled Washington, while Ankara is frustrated that its request to buy F-16 fighter jets is increasingly linked to whether the two Nordic countries can join the alliance.

Nelson will visit Ankara, the Turkish capital, and financial hub Istanbul on Feb. 2-3. He will warn businesses and banks that they should avoid transactions related to potential dual-use technology transfers, which could ultimately be used by Russia’s military, the spokesperson said.

Dual-use items can have both commercial and military applications.

Washington and its allies have imposed several rounds of sanctions targeting Moscow since the invasion, which has killed and wounded thousands and reduced Ukrainian cities to rubble.

Turkey has condemned Russia’s invasion and sent armed drones to Ukraine. At the same time, it opposes Western sanctions on Russia and has close ties with both Moscow and Kyiv, its Black Sea neighbors.

It has also ramped up trade and tourism with Russia. Some Turkish firms have purchased or sought to buy Russian assets from Western partners pulling back due to the sanctions, while others maintain large assets in the country.

But Ankara has pledged that international sanctions will not be circumvented in Turkey.

Washington is also concerned about evasion of U.S. sanctions on Iran.

The United States last month imposed sanctions on prominent Turkish businessman Sitki Ayan and his network of firms, accusing him of acting as a facilitator for oil sales and money laundering on behalf of Iran’s Revolutionary Guard Corps.

While in the United Arab Emirates, Nelson will note the “poor sanctions compliance” in the country, the spokesperson said.

Washington has imposed a series of sanctions on United Arab Emirates-based companies over Iran-related sanctions evasion and on Thursday designated a UAE-based aviation firm over support to Russian mercenary company the Wagner Group, which is fighting in Ukraine.

(This story has been corrected to change headline to UAE, Turkey, not Middle East; adds Turkey in paragraph 1)

Reporting by Daphne Psaledakis and Humeyra Pamuk
Editing by Don Durfee and Leslie Adler

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Iran reroutes plane carrying soccer star’s wife, blames UK over unrest

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DUBAI, Dec 26 (Reuters) – Iranian authorities rerouted a flight bound for Dubai on Monday and prevented the wife and daughter of former national soccer team captain Ali Daei, who has supported anti-government protests, from leaving the country, state media reported.

Amid a concerted clampdown, Tehran also said the arrests in Iran of citizens linked to Britain reflected its “destructive role” in the more than three months of unrest.

People from across Iran’s social spectrum have joined one of the most sustained challenges to the country’s ruling theocracy since the 1979 Islamic Revolution, relying heavily on social media platforms – which the government is trying to shut down – to organise and spread news of demonstrations.

A service that could help Iranians circumvent internet restrictions is Starlink, a satellite-based broadband service operated by Elon Musk’s SpaceX.

Musk said on Monday that the company was getting close to having 100 active Starlink satellite receivers inside Iran.

Meanwhile Daei’s wife was banned from travelling abroad, Iran’s judiciary said, after authorities ordered the Mahan Air plane she had been a passenger in to land on Iran’s Kish Island in the Gulf.

“I really don’t know the reason for this. Did they want to arrest a terrorist?” Daei told semi-official news agency ISNA.

After he voiced support for the protests on social media, authorities this month shut down a jewellery shop and a restaurant he owned.

The protests were triggered by the Sept. 16 death in detention of Mahsa Amini, a 22-year-old Kurdish Iranian held for wearing “inappropriate attire” under Iran’s strict Islamic dress code for women.

Iran has accused Western countries, Israel and Saudi Arabia of fomenting the unrest, allegations accompanied by arrests of dozens of dual nationals, part of an official narrative designed to shift blame away from the Iranian leadership.

Asked by a reporter to comment on Sunday’s announcement of the arrest of seven people linked to Britain, Iran’s foreign ministry spokesperson Nasser Kanaani said: “Some countries, especially the one you mentioned, had an unconstructive role regarding the recent developments in Iran.

“Their role was totally destructive and incited the riots.”

The British foreign ministry had said it was seeking further information from Iranian authorities on the reported arrests.

Rights group HRANA says about 18,500 people have been arrested during the unrest. Government officials say most have been released.

Besides arrests, authorities have imposed travel bans on dozens of artists, lawyers, journalists and celebrities for endorsing the protests.

HRANA also said that as of Dec. 25, 507 protesters had been killed, including 69 minors, as well as 66 members of the security forces.

Iran’s troubled rial currency on Monday fell to a record low of 415,400 against the dollar, according to forex site Bonbast.com. It has lost about 24% of its value since the protests began, as Iranians grappling with official inflation of about 50% buy dollars and gold in an effort to protect their savings.

Reporting by Dubai newsroom, additional reporting by Akanksha Khushi in Bengaluru;
Editing by Mark Heinrich and John Stonestreet

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Twenty oil tankers halted near Istanbul in insurance dispute

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  • Backlog unsettling oil and tanker markets
  • Turkey says out of question to take insurance risk
  • Yellen says oil from Kazakhstan should not be targeted
  • Ankara says most of waiting ships are EU vessels

ISTANBUL, Dec 9 (Reuters) – The number of oil tankers waiting in the Black Sea to pass through Istanbul’s Bosphorus Strait on the way to the Mediterranean rose to 20 on Friday, Tribeca shipping agency said, as Turkey held talks to resolve an insurance dispute behind the build-up.

Dismissing pressure from abroad over the lengthening queue, Turkey’s maritime authority said on Thursday it would continue to block oil tankers that lacked the appropriate insurance letters, and it needed time for checks.

The ship backlog is creating growing unease in oil and tanker markets and comes as the G7 and European Union introduce a price cap on Russian oil. Millions of barrels of oil per day move south from Russian ports through Turkey’s Bosphorus and Dardanelles straits into the Mediterranean.

The maritime authority said that in the event of an accident involving a vessel in breach of sanctions it was possible the damage would not be covered by an international oil-spill fund.

“(It) is out of the question for us to take the risk that the insurance company will not meet its indemnification responsibility,” it said, adding that Turkey was continuing talks with other countries and insurance companies.

It said the vast majority of vessels waiting near the straits were EU vessels, with a large part of the oil destined for EU ports – a factor frustrating Ankara’s Western allies.

The G7 group of nations, the EU and Australia have agreed to bar providers of shipping services, such as insurers, from helping to export Russian oil unless it is sold at an enforced low price, or cap, aimed at depriving Moscow of wartime revenue.

However, Turkey has had a separate measure in force since the start of the month requiring vessels to provide proof of insurance covering the duration of their transit through the Bosphorus strait, or when calling at Turkish ports.

KAZAKH OIL

Eight tankers were also waiting for passage through the Dardanelles strait into the Mediterranean, down from nine a day earlier, Tribeca said, making a total of 28 tankers waiting for southbound passage.

Most of the tankers waiting at the Bosphorus are carrying Kazakh oil and Treasury Secretary Janet Yellen said on Thursday the U.S. administration saw no reason that such shipments should be subjected to new procedures.

Washington had no reason to believe Russia was involved in Turkey’s decision to block ship transits, she added.

Turkey has had to balance its good relations with both Russia and Ukraine since Moscow invaded its neighbour in February. It played a key role in a United Nations-backed deal reached in July to free up grain exports from Ukrainian Black Sea ports.

Turkey’s maritime authority said that it was unacceptable to pressure Turkey over what it said were “routine” insurance checks and that it could remove tankers without proper documentation from its waters or require them to furnish new P&I ship insurance letters covering their journeys.

Reporting by Daren Butler, Can Sezer, and Jonathan Saul in London
Editing by Himani Sarkar, Clarence Fernandez, Jonathan Spicer and Frances Kerry

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China’s Xi on ‘epoch-making’ visit to Saudi as Riyadh chafes at U.S. censure

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RIYADH, Dec 7 (Reuters) – Chinese President Xi Jinping began a visit to Saudi Arabia on Wednesday that Beijing said marked its biggest diplomatic initiative in the Arab world, as Riyadh expands global alliances beyond a long-standing partnership with the West.

The meeting between the global economic powerhouse and Gulf energy giant comes as Saudi ties with Washington are strained by U.S. criticism of Riyadh’s human rights record and Saudi support for oil output curbs before the November midterm elections.

The White House said Xi’s visit was an example of Chinese attempts to exert influence, and that this would not change U.S. policy towards the Middle East.

“We are mindful of the influence that China is trying to grow around the world,” White House National Security Council spokesperson John Kirby told reporters.

China, the world’s biggest energy consumer, is a major trade partner of Gulf oil and gas producers. Bilateral ties have expanded under the region’s economic diversification push, raising U.S. concerns about growing Chinese involvement in sensitive infrastructure in the Gulf.

Energy Minister Prince Abdulaziz bin Salman on Wednesday said that Riyadh would remain a “trusted and reliable” energy partner for Beijing and that the two countries would boost cooperation in energy supply chains by establishing a regional centre in the kingdom for Chinese factories.

Saudi Arabia is China’s top oil supplier and Xi’s visit takes place while uncertainty hangs over energy markets after Western powers imposed a price cap on sales of oil from Russia, which has been increasing volumes to China with discounted oil.

On Wednesday Chinese and Saudi firms signed 34 deals for investment in green energy, information technology, cloud services, transport, construction and other sectors, Saudi state news agency SPA reported. It gave no value for the deals, but had earlier said the two countries would seal agreements worth $30 billion.

‘EPOCH-MAKING VISIT’

Xi was met on arrival by the governor of Riyadh, the kingdom’s foreign minister and the governor of sovereign wealth fund PIF.

Crown Prince Mohammed bin Salman is expected to offer him a lavish welcome, in contrast with the low-key reception for U.S. President Joe Biden whose censure of Saudi Arabia’s de facto ruler formed the backdrop for a strained meeting in July.

Xi will hold bilateral talks with Saudi Arabia and Riyadh will later host a wider meeting with Gulf Arab states and a summit with Arab leaders which will be “an epoch-making milestone in the history of the development of China-Arab relations”, foreign ministry spokesperson Mao Ning said.

The Chinese president said he would work with the Gulf Cooperation Council and other Arab leaders “to advance Chinese-Arab relations and Chinese-GCC relations to a new level”, SPA reported.

For Riyadh, frustrated by what it sees as Washington’s gradual disengagement from the Middle East and a slow erosion of its security guarantees, China offers an opportunity for economic gains without the tensions which have come to cloud the U.S. relationship.

“Beijing does not burden its partners with demands or political expectations and refrains from interfering in their internal affairs,” Saudi columnist Abdulrahman Al-Rashed wrote in the Saudi-owned Asharq Al-Awsat newspaper.

Unlike Washington, Beijing retains good ties with Riyadh’s regional rival Iran, another supplier of oil to China, and has shown little interest in addressing Saudi political or security concerns in the region.

Saudi Arabia, birthplace of Islam, had supported China’s policies in Xinjiang, where the U.N. says human rights abuses have been committed against Uyghurs and other Muslims.

Saudi officials have said that regional security would be on the agenda during Xi’s visit. The United States has for decades been Saudi Arabia’s main security guarantor and remains its main defence supplier, but Riyadh has chafed at restrictions on U.S. arms sales to the kingdom.

Riyadh has said it would continue to expand partnerships to serve economic and security interests, despite U.S. reservations about Gulf ties with both Russia and China.

Reporting by Eduardo Baptista in Beijing and Aziz El Yaakoubi in Riyadh; Additional reporting by Ghaida Ghantous and Maha El Dahan in Dubai and Steve Holland and Doina Chiacu in Washington; Writing by Dominic Evans and Ghaida Ghantous; Editing by Nick Macfie, Toby Chopra and Alistair Bell

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Interpol confirms red notice for Angolan billionaire Isabel dos Santos

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LISBON, Nov 30 (Reuters) – Global police agency Interpol confirmed on Wednesday it had issued a red notice for Angolan billionaire Isabel dos Santos, daughter of the country’s former president, asking global law enforcement authorities to locate and provisionally arrest her.

Dos Santos, who has repeatedly denied wrongdoing, has faced corruption accusations for years, including allegations by Angola in 2020 that she and her husband had steered $1 billion in state funds to companies in which they held stakes during her father’s presidency, including from oil giant Sonangol.

Portugal’s Lusa news agency reported on Nov. 18 that Interpol had issued an international arrest warrant for dos Santos. But Interpol told Reuters it had issued a red notice instead at the request of Angolan authorities.

It explained that a red notice was “not an international arrest warrant” but a “request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action”.

A source close to dos Santos said on Nov. 19 that she had yet to be notified by Interpol. A spokesperson for dos Santos did not immediately reply to a Reuters request for comment.

According to Lusa, an official document related to the request made to Interpol mentions that dos Santos is often in Portugal, Britain and the United Arab Emirates.

The same document cited by Lusa said dos Santos, 49, was wanted for various crimes, including alleged embezzlement, fraud, influence peddling and money laundering.

Dos Santos has given interviews recently, telling CNN Portugal on Tuesday the courts in Angola were not independent” and judges there were “used to fulfil a political agenda”.

Reporting by Catarina Demony and Patricia Rua; editing by Aislinn Laing and Mark Heinrich

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OPEC+ members line up to endorse output cut after U.S. coercion claim

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  • U.S. says more than one OPEC country coerced into cut
  • Iraq, Kuwait, other OPEC+ members stand by decision
  • Saudi defence minister says decision was purely economic

CAIRO Oct 16 (Reuters) – OPEC+ member states lined up on Sunday to endorse the steep production cut agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move.

The United States noted on Thursday that the cut would boost Russia’s foreign earnings and suggested it had been engineered for political reasons by Saudi Arabia, which on Sunday denied it was supporting Moscow in its invasion of Ukraine.

Saudi King Salman bin Abdulaziz said the kingdom was working hard to support stability and balance in oil markets, including by establishing and maintaining the agreement of the OPEC+ alliance.

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The kingdom’s defence minister and King Salman’s son, Prince Khalid bin Salman, also said the Oct 5 decision to reduce output by 2 million barrels per day – taken despite oil markets being tight – was unanimous and based on economic factors.

His comments were backed by ministers of several OPEC+ member states including the United Arab Emirates.

The Gulf state’s energy minister Suhail al-Mazrouei wrote on Twitter: “I would like to clarify that the latest OPEC+ decision, which was unanimously approved, was a pure technical decision, with NO political intentions whatsoever.”

His comment followed a statement from Iraq’s state oil marketer SOMO.

“There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed for the future,” SOMO said in a statement.

Kuwait Petroleum Corporation Chief Executive Officer Nawaf Saud al-Sabah also welcomed the decision by OPEC+ – which includes other major producers, notably Russia – and said the country was keen to maintain a balanced oil markets, state news agency KUNA reported.

Oman and Bahrain said in separate statements that OPEC had unanimously agreed on the reduction.

Algeria’s energy minister called the decision “historic” and he and OPEC Secretary General Haitham Al Ghais, visiting Algeria, expressed their full confidence in it, Algeria’s Ennahar TV reported.

Ghais later told a news conference that the organisation targeted a balance between supply and demand rather than a specific price.

Oil inventories in major economies are at lower levels than when OPEC has cut output in the past.

Some analysts have said recent volatility in crude markets could be remedied by a cut that would help attract investors to an underperforming market.

U.S. National Security Council spokesman John Kirby said on Thursday that “more than one” OPEC member had felt coerced by Saudi Arabia into the vote, adding that the cut would also increase Russia’s revenues and blunt the effectiveness of sanctions imposed over its February invasion of Ukraine.

King Salman said in an address to the kingdom’s advisory Shura Council that the country was a mediator of peace and highlighted the crown prince’s initiative to release POWs from Russia last month, state news agency SPA reported.

Khalid bin Salman said on Sunday he was “astonished” by claims his country was “standing with Russia in its war with Ukraine.”

“It is telling that these false accusations did not come from the Ukrainian government,” he wrote on Twitter.

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Reporting by Moataz Mohamed, Yasmin Hussien, Maha El Dahan and Aziz El Yaakoubi; additional reporting by Nayera Abdallah and Ahmed Tolba; Editing by Louise Heavens, Will Dunham and Alexandra Hudson

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OPEC+ to consider oil cut of over than 1 million barrels per day

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  • Cuts could include Saudi voluntary reduction
  • Largest cut since pandemic reduction
  • Oil fell due to rising Fed rates, weak economy

DUBAI, Oct 2 (Reuters) – OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) next week, OPEC sources said on Sunday, in what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness.

The meeting will take place on Oct. 5 against the backdrop of falling oil prices and months of severe market volatility which prompted top OPEC+ producer, Saudi Arabia, to say the group could cut production.

OPEC+, which combines OPEC countries and allies such as Russia, has refused to raise output to lower oil prices despite pressure from major consumers, including the United States, to help the global economy.

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Prices have nevertheless fallen sharply in the last month due to fears about the global economy and a rally in the U.S. dollar after the Federal Reserves raised rates.

A significant production cut is poised to anger the United States, which has been putting pressure on Saudi Arabia to continue pumping more to help oil prices soften further and reduce revenues for Russia as the West seeks to punish Moscow for sending troops to Ukraine.

The West accuses Russia of invading Ukraine, but the Kremlin calls it a special military operation.

Saudi Arabia has not condemned Moscow’s actions amid difficult relations with the administration of U.S. President Joe Biden.

Last week, a source familiar with the Russian thinking said Moscow would like to see OPEC+ cutting 1 million bpd or one percent of global supply.

That would be the biggest cut since 2020 when OPEC+ reduced output by a record 10 million bpd as demand crashed due to the COVID pandemic. The group spent the next two years unwinding those record cuts.

On Sunday, the sources said the cut could exceed 1 million bpd. One of the sources suggested cuts could also include a voluntary additional reduction of production by Saudi Arabia.

OPEC+ will meet in person in Vienna for the first time since March 2020.

Analysts and OPEC watchers such as UBS and JP Morgan have suggested in recent days a cut of around 1 million bpd was on the cards and could help arrest the price decline.

“$90 oil is non-negotiable for the OPEC+ leadership, hence they will act to safeguard this price floor,” said Stephen Brennock of oil broker PVM.

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Reporting by Maha El Dahan, Olesya Astakhova and Alex Lawler; Editing by Gareth Jones, Jan Harvey and Raissa Kasolowsky

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Gulf states demand Netflix pull content deemed offensive

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Signage at the Netflix booth is seen on the convention floor at Comic-Con International in San Diego, California, U.S., July 21, 2022. REUTERS/Bing Guan/File Photo

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DUBAI, Sept 6 (Reuters) – Gulf Arab states have demanded that U.S. streaming giant Netflix (NFLX.O) remove content deemed offensive to “Islamic and societal values” in the region, Saudi Arabia’s media regulator said on Tuesday.

It did not specify the content, but mentioned that it included content aimed at children. Saudi state-run Al Ekhbariya TV, in a programme discussing the issue, showed blurred out animation clips that appeared to show two girls embracing.

The Riyadh-based General Commission for Audiovisual Media statement said the content violated media regulations in the Gulf Cooperation Council, which groups Saudi Arabia, the United Arab Emirates, Bahrain, Oman, Qatar and Kuwait.

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If Netflix continued to broadcast the content then “necessary legal measures will be taken”, it said, without elaborating.

Netflix did not immediately respond to a Reuters request for comment.

The UAE issued a similarly worded statement regarding Netflix content on Tuesday, saying it would follow up on what the platform broadcasts in coming days and “assess its commitment to broadcasting controls” in the country.

Same-sex relationships are criminalised in many Muslim-majority nations and films featuring such relationships have in the past been banned by regulators in those countries, while others with profanity or illicit drug use are sometimes censored.

The UAE and other Muslim states earlier this year banned Walt Disney-Pixar’s animated feature film “Lightyear” from screening in cinemas because it features characters in a same-sex relationship. read more

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Reporting by Aziz El Yaakoubi in Riyadh and Alexander Cornwell in Dubai; Writing by Ghaida Ghantous; Editing by Rosalba O’Brien

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Putin visits Iran on first trip outside former Soviet Union since Ukraine war

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  • Putin to meet Supreme Leader Khamenei
  • Putin also to meet Iranian and Turkish presidents
  • Russia to discuss Ukrainian grain exports with Erdogan
  • Turkish threat of Syrian operation also in focus

LONDON/DUBAI, July 19 (Reuters) – Russian President Vladimir Putin will visit Tehran on Tuesday for talks with Iranian Supreme Leader Ayatollah Ali Khamenei, the Kremlin leader’s first trip outside the former Soviet Union since Moscow’s Feb. 24 invasion of Ukraine.

In Tehran, Putin will also hold his first face-to-face meeting since the invasion with a NATO leader, Turkey’s Tayyip Erdogan, to discuss a deal aimed at allowing the resumption of Ukraine’s Black Sea grain exports as well as peace in Syria.

Putin’s trip, which comes just days after U.S. President Joe Biden visited Israel and Saudi Arabia, sends a strong message to the West about Moscow’s plans to forge closer strategic ties with Iran, China and India in the face of the Western sanctions.

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“The contact with Khamenei is very important,” Yuri Ushakov, Putin’s foreign policy adviser, told reporters in Moscow. “A trusting dialogue has developed between them on the most important issues on the bilateral and international agenda.”

“On most issues, our positions are close or identical.”

Putin will also meet Iranian President Ebrahim Raisi who was elected last year.

BOTH SANCTIONED

For Iran, also chafing under Western economic sanctions and at loggerheads with the United States over Tehran’s nuclear programme and a range of other issues, Putin’s visit is timely.

Its clerical leaders are keen to strengthen strategic relations with Russia in the face of an emerging U.S.-backed Gulf Arab-Israeli bloc that could tilt the Middle East balance of power further away from Iran.

“Considering the evolving geopolitical ties after the Ukraine war, the (clerical) establishment tries to secure Moscow’s support in Tehran’s confrontation with Washington and its regional allies,” said a senior Iranian official, who asked not to be named.

Emboldened by high oil prices since the Ukraine war, Iran is betting that with Russia’s support it could pressure Washington to offer concessions for the revival of a 2015 nuclear deal.

“We need a strong ally and Moscow is a superpower,” said a senior Iranian official, who asked not to be identified.

Still, Russia’s increased tilt towards Beijing in recent months has significantly reduced Iran’s crude exports to China – a key source of income for Tehran since U.S. President Donald Trump reimposed sanctions in 2018.

In May, Reuters reported that Iran’s crude exports to China have fallen sharply as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers.

Ahead of Putin’s arrival, the National Iranian Oil Company (NIOC) and Russian gas producer Gazprom (GAZP.MM) signed a memorandum of understanding worth around $40 billion. read more

SYRIA, UKRAINE

High on the agenda in Tuesday’s trilateral talks that will also include Turkey will be efforts to reduce violence in Syria, where Erdogan has threatened to launch more military operations to extend 30-km (20-mile) deep “safe zones” along the border. Moscow and Tehran both oppose any such action by Turkey.

Russia and Iran are Syrian President Bashar al-Assad’s strongest backers, while Turkey supports anti-Assad insurgents.

Putin, who turns 70 this year, has made few foreign trips in recent years due to the COVID pandemic and then the Ukraine crisis. His last trip beyond the former Soviet Union was to China in February.

His bilateral talks with Erdogan will focus on a plan to get Ukrainian grain exports moving again.

“The talks will try to solve the issues on grain exports,” said a senior Turkish official was requested anonymity.

Russia, Ukraine, Turkey and the United Nations are expected to sign a deal later this week aimed at resuming the shipping of grain from Ukraine across the Black Sea. read more

Any Turkish operation in Syria would attack the Kurdish YPG militia, a key part of the U.S.-backed Syrian Democratic Forces (SDF) that controls large parts of north Syria and is regarded by Washington as an important ally against Islamic State.

The senior Turkish official said Turkey’s planned operation would be discussed, as would reports that Russia and the Kurds were acting together in some areas of Syria.

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Additional reporting by Orhan Coskun in Ankara; Writing by Guy Faulconbridge and Parisa Hafezi, Editing by Gareth Jones

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