In 2021, India's refining giant Reliance Industries announced plans to move most of its oil-trading staff from Mumbai to Dubai. In 2022, Swiss-based Litasco, the trading arm of Russian Lukoil, moved part of its operations to Dubai, too. Rosneft and Gazprom Neft are also considering setting up a presence in Dubai. It's not just traders, either. Reuters recently reported that Indian refiners had begun paying for their Russian oil cargoes in Emirati dirhams. And these dirhams are being paid on deals closed with traders based in Dubai. The unprecedented…
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