Posted on 12/27/2023 12:10:44 AM PST by dennisw
Moscow has been on a drive to replace the use of the US dollar in international trade, but there are barrels of Russian oil stuck at sea due to issues with paying in alternative currencies.
Shipments of Russian Sokol grade crude oil to state-owned Indian Oil Corp, or IOC, have been delayed by payment issues, Reuters reported on Tuesday, citing two sources familiar with the matter. The seller is the state-owned Russian oil company Rosneft. The problem arose because Rosneft unit selling the oil hasn't been able to open a bank account in the United Arab Emirates to receive payments in the UAE dirham, per Reuters.
This delayed six cargoes of Sokol oil the IOC was supposed to receive from late November to December, Reuters reported, citing shipping data. So the cargoes have mostly been lingering at sea around India and Sri Lanka.
IOC and Rosneft did immediately respond to requests for comment from Business Insider
It isn't immediately clear how much Sokol oil is stuck at sea due to the payment issue.
Earlier this month, Bloomberg reported about five million barrels of Sokol oil that were being shipped from Russia to India never arrived.
The problems with paying for Sokol oil highlight issues of dealing with Russia amid sweeping sanctions over its invasion of Ukraine.
India has emerged as a major buyer of Russian oil following swathes of Western sanctions against Moscow. This means that dollar trade with Russia is restricted — and this is important since the greenback is the international trade currency of choice.
To be able to buy Russian oil, India insisted on settling trades in the rupee earlier this year. That's because using US dollars could expose it to secondary sanctions, and it worries about acquiring rubles at a fair rate on the open market.
(Excerpt) Read more at msn.com ...
Looks like India is better scammers than Bad Vlad. India pays for Rus oil with their vaporware blocked Rupee currency that is unusable on world markets.
The stupid Rus can spend their billions stockpiled Rupees on India made farm tractors which they should
The problem is non-existent outside India though. The authors of this piece are grasing for straws.
Our own government is doing a fine job of that all by themselves.
He really needn’t bother, just sit back and watch.
How is the occupation of Germany going?
It’s your own 3 terms of obamian political structure seeking the death of America which is the killer of America
I give spiels to the anti American crowd asking them silly questions like why is it English is the fastest growing language? Why is it the White Christians, 9% of them global made 100% of the inventions? Why is it the rich in foreign lands still want their children to get an American education? Why is it the Americans and their associated are masters of technology, agriculture,oil, space... Etc etc
That isn’t going to disappear overnight irrespective of what the turd world of Islam wishes. Let the stupid faulkers dream.
They can dream all they want.
Ask President Trump!
“The authors of this piece are grasing for straws.”
Yea, they need their giggle-giggle after getting SPANKED at Marinka. As to India, this is the REAL situation:
https://www.rt.com/india/589733-russia-india-trade-to-set-record/
Eventually they are all going to figure out that they can get most of what they want by paying in euros.
And the EU is going to figure out that they get the benefit of printing the international currency.
Well, so much for BRICS...
Immediate defense posts by the Putin promoters, but the fact remains that nobody wants to deal in rubles. So how’s that campaign to overturn the dollar going to work, then?
As a previous poster suggested, Putin should take those rupees and buy farm equipment THAT WORKS.
Your need to automatically go to personal insults mean you’ve already lost the argument
BRICS isn’t realistic, as this article shows
Imagine how dumb you'd have to be to imbibe this neo-liberal swill.
BRICS is not working , Oh My
F off clown.
F off clown.
After you hoho
F off and have a Happy New Year
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