Indian companies are still buying Russian oil...
Russia india oil Deal: India did not condemn Russia's invasion of Ukraine. India's stance was neutral on the ukraine crisis. indian oil companies are still buying oil from russia in dollars. Dubai's Mashreq bank refused to accept payment in Emirati dirham despite requests from 2 oil refinery companies.
After the horrific attack on ukraine, the US (USA) and european union (EU) have imposed tough economic sanctions on Russia. The value of the Russian Ruble is continuously declining. In such a situation, russia had requested its oil buyers to buy oil in any currency other than dollars and euros.
Russian oil spawning companies had asked two refinery companies in india to make payments in dirhams. According to a Reuters report, the receipt of the oil deal is clearly stating that the payment was made in dollars even after Russia's request.
This bank refused to trade in Dirham
According to the payment details, the refinery companies have paid to Gazprombank through Mashreq Bank. Mashrek also has a branch in New York. The payment in dirhams did not happen because Mashreq bank refused to do business. There has been no response from Mashreq and Gazprombank.
