Dubai – News agency Archyde.com reported that India has made payments in dirhams for the import of crude oil from Russia. Although the cost was calculated in dollars, the payment was made in dirhams. Two refineries from India made money transactions in this manner as Russia demanded that they avoid exchange in dollars and pay in dirhams in the context of the embargo of countries including the US.
After China, India is the largest importer of crude oil from Russia. It is reported that more refineries will transfer money to Russia in UAE dirham in the coming days. Russia is discouraging the exchange of dollars, euros and pounds in trade transactions with India. Last month, Russia’s finance minister said it was ready to exchange its currency with friendly countries. In this way, the aim is to raise the exchange rate of Russia’s ruble and capture the dollar and euro.
Currency exchanges in Moscow have begun preparations to exchange dirhams and Uzbek sums. At the same time, India has also started preparations to conduct transactions in rupees. India has started trying to exchange rupees with Iran and Russia, which have been embargoed by the West. With the use of dirhams instead of dollars, it is estimated that the possibility of exchange in rupees has become clear.
English Summary : Russia seeking oil payments from India in dirhams