De-Dollarization Fails as US Forces India & Russia Pay Dirhams for Oil
To bolster the de-dollarization agenda, India and Russia signed a pact to settle oil and gas payments in local currencies. The aim was to bypass the US dollar and the agreement was forged in 2022 to use the rupee-ruble pair. India even opened Vostro accounts for Russian refiners to accept the rupee for crude oil shipments. Three years later, neither the rupee nor the ruble is used for trade but a new third-party currency, the UAE’s dirham benefited from the deal. Also Read: Russia Says Joe Biden is Responsible For the US Dollar’s Decline India & Russia’s De-Dollarization Plan Fails as UAE’s Dirham Gains Source: seekingalpha.com / Arseniy45 Since the US tightened sanctions on Russia, Indian refiners are forced to source Russian oil from traders in the UAE. While the initial de-dollarization plan was to use the rupee-ruble for oil, India now has to pay dirhams for procurement. Suppliers in the UAE have made it clear that they accept the US dollar and for local currencies...