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Indian Refiners Face Difficulties Paying for Russian Oil in Non-US Dollar Currencies

OIL

Indian companies have had to pay for Russian oil in US dollars after Dubai’s Mashreq Bank turned down payment requests by at least two refiners in Emirati Dirhams according to Reuters sources.

  • Russia has been pushing its trade partners to use currencies other than US dollars since sanctions were placed against the country.
  • One of the sources said that the payments were eventually handled by the Abu Dhabi branch of the State Bank of India and settled in US dollars.
  • India's central bank has recently put in place a mechanism to facilitate international trade in rupees – a move likely to boost business ties with Russia.

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