India denies reports of Russia seeking payments for oil in Dirhams

New Delhi [India], July 19 (ANI): India has denied media reports that Russia is seeking payments in United Arab Emirates Dirhams for oil exports to some Indian refiners.
Sources told ANI that there is no such specific currency payment demand from Russia.
Petroleum Ministry sources clarified to ANI that they are not aware of any such demand by Russia. No govt-owned refineries have paid oil bill in dirham to any Russian company. Sources said that if any Middle East-based trading company sells oil to any private refiners and settles the payments in Dirhams then this is between the two companies doing business at their own term. This has nothing to with Indian govt or Indian govt owned oil companies. Sources from Govt owned oil marketing companies has also denied any such payment mechanism.
It has been reported by some media that Russia is seeking payment in dirhams for oil exports to some Indian refiners as Moscow moves away from the US dollar to insulate itself from the effects of western sanctions. Russian oil major Rosneft is pushing crude through Middle East-based trading firms Everest Energy and Coral Energy. India's second largest refinery company Nayara Energy is owned by Russian oil major Rosneft. It further reports that the trading firms used by Rosneft have started asking for the dollar equivalent payment in dirhams from this month. (ANI)