#dedollarization
🇮🇳🛢🇷🇺❌💵Indian refiners pay traders in dirhams for Russian oil

Indian refiners have started paying for most of the Russian oil purchased through Dubai traders in UAE dirhams instead of US dollars, sources told Reuters.

Although Western sanctions against Moscow are not recognized by New Delhi and the import of raw materials in this case does not violate them, banks are cautious about making payments so as not to fall under the restrictions.

Indian refiners and traders are concerned that they will not be able to continue to settle in dollars, especially if the price of Russian oil rises above the limit imposed in December by the G7 countries and Australia.

https://www.reuters.com/business/energy/indian-refiners-pay-traders-dirhams-russian-oil-2023-02-03/