Money will not be: Russian Federation blocks attempts to sell oil to India

The Indian Oil Corp Oil refinery has been waiting for six Sokol oil tankers since the beginning of December, but the supply has not yet taken place. The operator of the Russian project "Sakhalin-1" failed to negotiate with the bank in the UAE and open an account for payments in dirhams. For this reason, Russia cannot deliver its oil to India, and the largest refinery of Indian Oil Corp (IOC) has already begun to use its reserves and increased the purchase of "Black Gold" in the Middle East.

About it reports Reuters. It is noted that Indian state oil refineries are all trading operations from the Russian Federation in the dirhams of the United Arab Emirates after that. The government, which does not want trade in Chinese yuan, insisted on this, as Moscow suggested. In this case, private oil refineries can be used by Chinese currency. According to the newspaper, recently the operator of Sakhalin-1 LLC was unable to open a bank account in the UAE to accept payments in dirhams.

For this reason, IOC has not yet received six cargoes of Russian oil Sokol, which was expected in early December. Oil, in particular, was transported by the NS Century tanker, which was under US sanctions in November 2023. All Russian oil tankers are now swimming around India and Sri Lanka, while NS Century floats to Singapore. "The supplier intends to supply raw oil. I hope the solution will soon be found," one of the sources told reporters.

The Ministry of Oil of India has informed the parliamentary commission that state oil companies have problems with the payment of Russian oil, as not all Indian banks can process payments in US dollars. In 2022, India created a payment mechanism in Rs for import, including raw oil. By the way, in December, the European Union announced that a 12 package of sanctions against Russia was introduced. The restrictions will come into force in January 2024.