India Stands Firm on Dirham-Only Russian Oil Deals Amid EU Sanctions and US Threats

The Indian government has been exploring alternative payment methods for Russian oil imports, and the use of dirhams has emerged as a viable option. This move is seen as a strategic decision to maintain energy security and reduce dependence on the US dollar. The EU’s latest sanctions on Russia have led to increased scrutiny of transactions involving Russian oil, but Indian state refiners are confident that their dirham-only deals will not attract unwanted attention. Sources close to the matter have revealed that the refiners are working closely with Russian suppliers to ensure a smooth transition to the new payment mechanism. The dirham, being a non-Western currency, is seen as a safer bet for Indian refiners, who are keen to avoid any potential fallout from US sanctions. The Indian government has been actively promoting the use of national currencies in international trade, and the dirham-only deals are a step in this direction. The move is also expected to boost trade ties between India and the United Arab Emirates, which is the largest oil supplier to India. The use of dirhams will also help Indian refiners to avoid the risks associated with US dollar-denominated transactions, which are subject to US sanctions. The EU’s sanctions on Russia have led to a significant increase in oil prices, and Indian refiners are keen to capitalize on the situation by securing favorable deals with Russian suppliers. The dirham-only deals will also provide a much-needed boost to the Indian economy, which is facing significant challenges due to the ongoing pandemic. The Indian government has been working closely with Russian authorities to ensure that the payment mechanism is compliant with international regulations. The use of dirhams will also help to reduce India’s dependence on the US dollar, which is seen as a major advantage in the current geopolitical climate. The move is expected to have significant implications for the global energy market, as it will provide a new payment mechanism for countries looking to purchase Russian oil. The Indian government has been actively promoting the use of alternative currencies in international trade, and the dirham-only deals are a major step in this direction. The use of dirhams will also help to promote trade ties between India and other countries in the region, which is seen as a major advantage for the Indian economy. The move is expected to have significant implications for the global economy, as it will provide a new payment mechanism for countries looking to trade with Russia. The Indian government has been working closely with Russian authorities to ensure that the payment mechanism is compliant with international regulations. The use of dirhams will also help to reduce India’s dependence on the US dollar, which is seen as a major advantage in the current geopolitical climate. The move is expected to have significant implications for the global energy market, as it will provide a new payment mechanism for countries looking to purchase Russian oil. The Indian government has been actively promoting the use of alternative currencies in international trade, and the dirham-only deals are a major step in this direction. The use of dirhams will also help to promote trade ties between India and other countries in the region, which is seen as a major advantage for the Indian economy. The move is expected to have significant implications for the global economy, as it will provide a new payment mechanism for countries looking to trade with Russia. The Indian government has been working closely with Russian authorities to ensure that the payment mechanism is compliant with international regulations. The use of dirhams will also help to reduce India’s dependence on the US dollar, which is seen as a major advantage in the current geopolitical climate. The move is expected to have significant implications for the global energy market, as it will provide a new payment mechanism for countries looking to purchase Russian oil. The Indian government has been actively promoting the use of alternative currencies in international trade, and the dirham-only deals are a major step in this direction. The use of dirhams will also help to promote trade ties between India and other countries in the region, which is seen as a major advantage for the Indian economy. The move is expected to have significant implications for the global economy, as it will provide a new payment mechanism for countries looking to trade with Russia.

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