Indian oil refineries changed the currency for paying for Russian oil and began to transfer amounts to suppliers in the national currency of the UAE – dirhams. This was reported on February 4 by Reuters.
Oil is bought through traders in Dubai, including Everest Energy and Litasco, four people familiar with the matter told the media.
Currently, settlements are carried out through the State Bank of India. Oil is bought at a price that includes its delivery to the country.
On the eve of the American television channel CNBC, citing the opinion of oil analysts, said that the sanctions imposed on Russian crude oil “completely failed.” Analysts noted that Russian oil will end up in markets that are “still buying it” such as China and India.
Experts noted that China and India benefited quite a lot last year from the heavily reduced prices for Russian oil.
Since December 5 last year, there has been an embargo on oil supplied by sea from Russia to the European Union (EU). The EU countries have set an adjustable ceiling on the cost of seaborne oil from Russia at $60 per barrel.
On February 1, a ban on oil supplies to unfriendly countries came into force in Russia, which set a price ceiling. It will be valid until July 1, 2023. At the same time, on the basis of a special decision of the President of Russia, exceptions can be made for the supply of oil and petroleum products.
On February 3, Kremlin spokesman Dmitry Peskov commented on the attitude of the Russian authorities to the imposition of an embargo on the import of petroleum products from the Russian Federation. According to him, the restriction will lead to further unbalancing of energy markets.