Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Pakistani army: 6 soldiers and 7 militants killed in clash near the Afghan border
Israeli media: Sirens sound in the settlement of Kerem Shalom in the Gaza envelope area
Afghan source to Al Mayadeen: We still believe in dialogue and prioritize diplomatic solutions with Pakistan; though we are ready for all possibilities.
Afghan source to Al Mayadeen: Pakistan purposely obstructed negotiations in Turkey by making unrealistic demands.
Al Mayadeen's correspondent: More than 70 martyrs in Israeli attacks on Gaza since dawn.
Death toll from latest Israeli strikes on Gaza rises to 30
Al Mayadeen's correspondent: Five killed in the Israeli bombing of a civilian vehicle on Al-Qassam Street in Khan Younis, south of the Gaza Strip
Hamas confirms that it has no connection to the shooting incident in Rafah and affirms its commitment to the ceasefire agreement
Al Mayadeen's correspondent: Two civilians were killed and four others, including a child and an infant, were injured in an Israeli bombing of a house belonging to the Al-Banna family in the al-Sabra neighborhood, south of Gaza City
Al Mayadeen's correspondent: An Israeli airstrike targets the vicinity of Al-Shifa Medical Complex, west of Gaza City

India replaces US dollars with dirhams in Russian oil trade: Reuters

  • By Al Mayadeen English
  • Source: Reuters
  • 4 Feb 2023 10:38
  • 5 Shares
3 Min Read

Citing four sources with knowledge of the matter, Reuters reports that Indian refiners and traders embarked on paying for most of their Russian oil purchased via Dubai-based traders in UAE dirhams instead of US dollars.

  • x
  • An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India. (REUTERS)
    An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India. (Reuters)

"Russia has become India's largest oil supplier and significantly contributed to the country's energy security."

This is what Russian Ambassador to India Denis Alipov tersely stated while addressing the Indian Council of World Affairs (ICWA)-Russian Council Dialogue on Thursday. 

Meanwhile, Indian refiners and dealers are anxious that they will no longer be able to settle trades in US dollars, especially if the price of Russian oil climbs above a December price cap imposed by the Group of Seven nations and Australia.

As a result, traders are looking for other payment methods, which could actually prove to be helpful in Russia's efforts to de-dollarize its economy in reaction to Western sanctions.

Previous attempts by Indian refiners to pay merchants for Russian crude in dirhams via Dubai banks failed, forcing them to revert to US dollars.

However, India's biggest bank, the State Bank of India (SBI), is now clearing these dirham transfers, according to Reuters, revealing details of previously unreported transactions.

Related News

Rosneft strikes trade deal with Indian Oil Corporation

It is worth noting that the G7 price cap forbids any Western entity, such as insurance and shipping service providers, from trading Russian oil if the purchase price is more than $60 per barrel at the loading point in Russia. This is true even if the oil is destined for countries such as China and India that do not recognize the cap.

The SBI also requested that refiners wishing to make dollar payments for Russian crude produce a breakdown of the costs of the oil, freight, and insurance, allowing it to verify trade and prevent breaking the cap.

Typically, Indian refiners purchase Russian crude from dealers at a price that includes delivery to India.

Indian refiners are buying Russian oil on a delivered basis to avoid any risks that may arise during shipment, and the calculated cost at the point of loading has so far been less than the price cap, Reuters reported, citing our sources with knowledge of the matter.

Indian refiners mostly purchase Russian crude from Dubai-based dealers such as Everest Energy and Litasco, a subsidiary of Russian oil company Lukoil.

Pankaj Jain, India's oil secretary, stated last month that Indian companies are not having any difficulties paying for Russian oil because the new steps by the West have no effect on the trade settlement mechanism.

Read next: De-dollarization: Slowly but surely

  • Russian oil trade
  • Indian refiners
  • Russia
  • India
  • US
  • US dollar

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • 27 Oct 2025
Hi-tech holocaust: Microsoft’s role in Gaza genocide

Microsoft's role in world’s first AI-driven genocide, in Gaza, exposed

  • Technology
  • 28 Oct 2025
What Marr evidently didn't seem to understand was that Hedges isn't saying that Western journalists manipulate the truth, but that they systematically amplify Israeli narratives they know are false. (Al Mayadeen English; Illustrated by Batoul Chamas)

Western journalists know they have a case to answer for their betrayal of Gaza, and it frightens them

  • Opinion
  • 24 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Displaced Sudanese who fled El-Fasher after the city fell to the Rapid Support Forces (RSF), rest near the town of Tawila in war-torn Sudan's western Darfur region (AP)
Politics

UAE directly funded RSF, leading to fall of El-Fasher: Sudan

'You’re not welcome in Greece': Israelis face port protests
Politics

'You’re not welcome in Greece': Israelis face port protests

This photo released by the Israeli military on Thursday, Nov. 2, 2023, shows ground operations inside the Gaza Strip (AP)
Politics

IOF soldier who fought in Gaza, Lebanon denied entry to Czech Republic

UN inquiry exposes 'Israel’s' four genocidal crimes against Gaza
Politics

'Israel' committed four genocidal acts in Gaza, UN inquiry finds

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS