"This is senseless": the Russian Federation can no longer sell oil to India - Reuters

According to journalists, Russian oil suppliers cannot conclude agreements in Indian Rs because of the unofficial instructions of the Russian Central Bank that it will not accept this currency. The trading route in the field of oil industry, which in Russia is considered one of the most profitable after the introduction of Western sanctions, has encountered serious difficulties due to problems with pay in other currency other than the dollar, and does not have a promising short -term decision.

About it reports Reuters. As stated in the article, for many years, the US dollar has served as a key currency for international oil trade, and attempts to find an alternative faced with the difficulty of conversion and political obstacles. The situation was complicated when in July India, which became the largest consumer of maritime oil from Russia after the refusal of European clients, insisted on paying in Rs.

According to three sources acquaintances with the situation, trade activity has almost stopped. Unofficial sources that preferred to remain unknown have conveyed information that oil suppliers from Russia face obstacles when concluding agreements in Indian Rs. This is due to the fact that the Russian Central Bank, according to unofficial instructions, will not accept this currency.

One source in the Russian bank, closely linked to the Russian Central Bank, expressed the opinion that receiving revenues in unconverted currency, which has limited value outside India, is "meaningless". According to another source, Russia is limited in Russia, since their import from India is insignificant.

According to two sources, in about mid -August, at least two large Russian oil companies threatened to re -stretch about a dozen tankers with up to one million tons of oil heading to India to other destinations. As a temporary resolution of the conflict associated with Indian agreements, the cargo was paid by the combination of Chinese Yuan, the Hong Kong dollar as a transitional currency to Yuan and Dirham UAE, which is tied to the US dollar.

However, they stated that the problem of finding a viable alternative to the dollar remains and that problems affect buyers in Africa, China and Turkey, which became the largest buyers of Russian oil. However, the biggest problem concerns India, which, according to LSEG and Reuters calculations, buys more than 60% of Russian sea oil. It is the largest buyer of sea oil from Russia after China. Problems are expected to increase with increased trade in trade.

In response, Washington imposed the first sanctions against the owners of tankers who carry Russian oil at a price exceeding the Western price threshold of $ 60. We will remind that since December 5, 2022 the European Union introduced an embargo on import of sea oil from Russia. G7 and Australia have also set a price ceiling at $ 60 at a barrel for Russian oil. Focus also reported that G7 countries decided to postpone regular views of Russian oil prices because "black gold" has risen sharply.