Business & FinanceEconomy

Reuters was first to report that Indian refiners have begun paying for most of their Russian oil purchased via Dubai-based traders in United Arab Emirates dirhams instead of U.S. dollars. While Western sanctions against Moscow are not recognised by India, and purchases of Russian oil may in any case not violate them, banks and financial institutions are cautious about clearing payments so as not to unwittingly fall foul of the many measures imposed against Russia following its invasion of Ukraine.

Market Impact

Indian refiners and traders are concerned they may not be able to continue to settle trades in dollars, leading traders to seek alternative methods of payment, which could also aid Russia’s efforts to de-dollarize its economy in response to the Western sanctions.

Article Tags

Topics of Interest: Business & FinanceEconomy

Type: Reuters Best

Sectors: Business & FinanceCommodities & EnergyEconomy & Policy

Regions: AsiaEurope / Middle East / Africa

Countries: IndiaRussiaUAE

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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