of wheat and corn to offset shortfalls in its own harvests . Over the last decade , Russia has been the biggest single source of growth in wheat exports , vital to meeting surging global demand . “ Russia will be among the top exporters for a long time , especially given the potential advances in productivity there , ” said Tom Basnett , general manager at Market Check , a Sydney - based commodity consultant .
Roughly 40 % of the crude imported from Iran was refined at Essar Oil 's massive refinery in the state of Gujarat . Now that the refinery is under new ownership , it 's likely to be processing more shipments from Russia . Lalit Kumar Gupta , Essar Oil 's chief executive officer , told Bloomberg in August that shipmentsmovement.transportartifact.bringcarryunloadfrom Iran would decline if Rosneft bought a stake in the Indian firm . " When they are on board we will see how much to buy , what to buy , " he said . Now , Iran might need to find new buyers in a global market already saturated with supply .
The United Kingdom has been by far the biggest purchaser of US weapons in Europe of late , with more than $ 6 billion in deals struck over the past two years alone — more , that is , than the US has sold to all other European countries combined . The British defense behemoth BAE is Lockheed Martin ’s principal foreign partner on the F-35 combat aircraft , which at a projected cost of $ 1.4 trillion over its lifetime already qualifies as the most expensive weapons program in history . If Brexit - driven austerity were to lead to a delay in , or the cancellation of , the F-35 deal ( or any other major weapons shipmentsmovement.transportperson.disperseseparate) , it would be a blow to American arms makers . But count on one thing : Were there to be even a hint that this might happen to the F-35 , lobbyists for BAE will mobilize to get the deal privileged status , whatever other budget cuts may be in the works . On the bright side ( if you happen to be a weapons maker ) , any British reductions will certainly be more than offset by opportunities in Eastern and Central Europe , where a new Cold War seems to be gaining traction .
Investors from local farmers to billionaire tycoons are pumping money into the business . Russian wheat has crowded out U.S. supplies in Egypt , the world ’s biggest buyer , and is gaining footholds in some other countries , such as Nigeria , Bangladesh and Indonesia . That ’s four decades after the Soviet Union turned to U.S. shipmentsmovement.transportartifact.naof wheat and corn to offset shortfalls in its own harvests . Over the last decade , Russia has been the biggest single source of growth in wheat exports , vital to meeting surging global demand . “ Russia will be among the top exporters for a long time , especially given the potential advances in productivity there , ” said Tom Basnett , general manager at Market Check , a Sydney - based commodity consultant .
But Rosneft 's purchase of Essar Oil will complicate Iran 's play . Roughly 40 % of the crude imported from Iran was refined at Essar Oil 's massive refinery in the state of Gujarat . Now that the refinery is under new ownership , it 's likely to be processing more shipmentsmovement.transportartifact.disperseseparatefrom Russia . Lalit Kumar Gupta , Essar Oil 's chief executive officer , told Bloomberg in August that shipments from Iran would decline if Rosneft bought a stake in the Indian firm . " When they are on board we will see how much to buy , what to buy , " he said .