India ditches dollar to bypass sanctions on Russian

Local refiners are reportedly using UAE dirhams to pay for most of the Russian oil bought from Dubai-based traders Indian refiners are now using Emirati dirhams instead of US dollars to pay for most of the Russian oil they purchase via traders based in the United Arab Emirates, Reuters reported last week, citing sources familiar with the matter. The Indian authorities have not supported the measures against Russia adopted by the G7 in response to the conflict in Ukraine. The steps are aimed at cutting Moscow’s energy revenues. A $60-per-barrel price cap on Russian seaborne oil exports was introduced by the EU, G7

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Last updated : 05 February 2023 clock 11:36 AM

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