Import of crude oil; India paid Russia in dirhams

Import of crude oil; India paid Russia in dirhams
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Dubai – Reuters reports India has paid in UAE dirhams for crude oil imports from Russia. Two Indian refineries made money transactions as required by Russia to avoid dollar exchange and pay in dirhams. This was in the context of US sanctions.

India is the second largest importer from Russia of crude oil after China. In the next few days, it is expected that Russia will receive more money in UAE dirhams from refineries. Russia discourages the exchange of dollars and euros with India in trade transactions.

India is the second largest importer of crude oil

Russia’s finance minister stated last month that it is ready to exchange its currency for friendly countries. This will allow Russia to increase its currency’s exchange rate and bind the euro and dollar. Moscow currency exchanges have begun to prepare for the exchange of Uzbek sum and dirham.

India is also making preparations to exchange rupees. India is trying to exchange rupees for Iran and Russia. These countries have been under Western embargo. It is now possible to exchange rupees with the use of dirhams, instead of dollars. https://m.facebook.com/newsgulfapp/

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