India buys Russian oil for dirhams

By Rhod Mackenzie

India has started buying Russian Sokol again oil after a two-month break according to a Reuters report.

At least two Indian oil refineries received supplies of light sweet crude from Russia in February, agency sources said. Among the companies that have acquired Sokol is India's Hindustan Petroleum, which will likely pay for oil in UAE dirhams.

Indian state-owned refiners had to stop purchasing the grade last year after the government advised them not to use Chinese yuan to pay for Russian oil amid tensions between New Delhi and Beijing