India ditches dollar (for dirhams) to bypass sanctions on Russian oil – Reuters
Indian refiners are now using Emirati dirhams instead of US dollars to pay for most of the Russian oil they purchase via traders based in the United Arab Emirates, Reuters reported last week, citing sources familiar with the matter.
Previous attempts to pay traders for Russian crude in dirhams through Dubai banks reportedly failed, forcing Indian refiners to switch back to the US currency. The State Bank of India, the country’s top bank, is now clearing the dirham payments, the sources told the news agency, disclosing some details of the transactions.
Indian refiners reportedly make most of their purchases of Russian crude from Dubai-based traders, including Everest Energy and Litasco, a unit of Russian oil major Lukoil.