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Indian companies buy Russian oil in Dubai using UAE currency - Reuters

Greater Middle East (, - Indian oil refinery companies have changed currency to pay for most of the Russian oil they buy through traders in Dubai.

According to Reuters, citing several informed sources at once, instead of US dollars, Indian counterparties began to use dirhams of the United Arab Emirates on this site.

As the publication explains, Indian businessmen thus reduce the risk of violating Western sanctions. In this case, they become minimal, given that Indian oil refiners buy Russian oil from traders from Dubai, including Everest Energy and Litasco, a division of the Russian oil company Lukoil.

According to Reuters, Indian refiners and traders began to look for alternative ways to pay for Russian oil supplies after the imposition of a ceiling on crude prices by Western countries on December 5, 2022.

Despite the fact that India does not recognize anti-Russian sanctions, the country's banks and financial institutions are approaching clearing payments with caution so as not to violate other restrictive measures taken by the West against Russia.

Earlier, reported that India is looking forward to visits by Russian President Vladimir Putin to India to attend the Shanghai Cooperation Organization (SCO) summit scheduled for June and the Group of Twenty (G20) summit in September.

Indian companies buy Russian oil in Dubai using UAE currency - Reuters