Russia is experiencing problems in receiving payment for oil

Russia is experiencing problems in receiving payment for oil that is exported to India, reports the news agency Reuters with reference to sources in Russian oil and banking structures.

The problems are related to the difficulties that arose when trying to replace dollars with another currency in settlements between Indian buyers and Russian oil exporters. In July of this year, India, which now consumes 60 percent of Russian oil exported by sea, announced that it intended to pay for contracts in its national currency, rupees, to which Russian oil companies refused and threatened to send oil intended for India to other buyers.

As Reuters writes, the Russian Central Bank gave an informal instruction not to accept rupees, which are not convertible currency and can be used practically only in bilateral trade. Russia has a huge surplus in trade with India, imports from this country to Russia are insignificant. As a result of the negotiations, Indian oil importers paid in Chinese yuan, Hong Kong dollars and United Arab Emirates dirhams, the exchange rate of which is tied to the dollar. But this solution is temporary, because India does not want to pay Russia in yuan. Similar problems with payment for Russian exports, according to Reuters, may arise among Turkish, Chinese and African buyers of Russian oil.

The search for an alternative to the American dollar continues, the solution to the problem is not in sight. According to Reuters sources, in the first months of the year India’s debts to Russia for the supply of oil and other materials amounted to 40 billion dollars, but now they have decreased. But as a result of pressure from Washington, the banks of the UAE strengthen control of operations with Russian clients, requiring confirmation that Russian oil is sold at a price below the ceiling set by the G-7.