Russia wants some oil buyers from India to pay for it in dirhams – a monetary unit of a number of Arab states, including the United Arab Emirates, Reuters reports with reference to three sources and the corresponding document.
According to the publication, the purpose of this is to protect yourself from the effects of Western sanctions. The invoice that the agency got acquainted shows that the oil supply fee for one Indian oil refinery (refineries) is calculated in US dollars, while the Russian payment requests in dirhams. The document notes that payments should be made to Gazprombank’s accounts through Mashreq Bank, which is his corresponding bank in Dubai.
According to Reuters, at least two Indian refinery have already made some payments in dirhams. According to data, in the coming days there will be even more similar payments. Rosneft supplies oil to India through a number of trading companies, including Everest Energy and Coral Energy. Sources note that since July, these companies began to request payment for oil in dirhams. The Moscow Exchange is preparing to launch a dirham trading. In turn, the Central Bank of India introduced a new mechanism of international trade settlements in rupees, in which many experts see a way to promote trade with countries that are under Western sanctions.