Russia has problems with supplying oil to India, - Reuters
Russia is having trouble getting paid for oil supplies to India in Emirati dirhams.
This is reported by Reuters with reference to sources, Censor.NET informs.
It concerns deliveries of Russian Sokol oil to Indian Oil Corp (IOC.NS). They are being held up by payment problems, forcing India's biggest refiner to tap into its reserves and buy more oil from the Middle East.
IOC is the only state oil refinery that has an annual agreement for the purchase of various Russian grades of oil, including Sokol from the Russian oil company Rosneft.
"Sokol" oil is supplied to IOC by "Sakhalin-1" LLC, which is part of "Rosneft".
Earlier, Indian state oil refining companies settled with the Russian Federation in Chinese yuan. However the government advised them to abandon the use of this currency, so they switched to the United Arab Emirates dirham. Private refiners still pay in yuan because there is no alternative.
IOC's payments for oil from the Sokol field were complicated by the fact that Sakhalin-1 LLC was unable to open a bank account in the UAE to accept payments in dirhams.
