Russia demands payment from India for oil exports in dirhams
Two Indian companies have already established payments in this currency
Russia requires some clients from India to export oil in dirhams, informs Reuters, citing sources and an invoice. According to the document, the invoice for the supply of one oil to the Indian refinery is estimated in US dollars, payment is requested in UAE dirhams. The invoice shows payments to Gazprombank through a private correspondent bank in Dubai Mashreq Bank.
According to the agency, the number of such payments is increasing in the coming days.
Over the western regions, Russia becomes the largest oil supplier to India for two consecutive months, shifting places in Saudi Arabia, as spot prices for Russian oil are at record low prices compared to other grades. Indian refiners, who rarely bought Russian oil before due to the high cost of oil, have increased oil from Russia thanks to a significant reduction in exports relative to Brent. Speaking of Russia, India is now the second largest buyer of its oil after China.
Previously, the Russian government power that wants to increase the use of the currency of “friendly” countries in trade with other states, for example, governments like India.