Indias top oil refiner (IOC) made the first payment in Indian rupees (not USD) for the purchase of a million barrels of oil

India’s 🇮🇳 top oil refiner (IOC) made the first payment in Indian rupees (not USD) for the purchase of a million barrels of oil from the UAE’s 🇦🇪 Abu Dhabi National Oil Company (ADNOC). Both countries benefited from reduced dependence on a third-party currency, potentially lowering exchange rate risks and transaction costs. The UAE now offers India discounts on crude oil which forms the single-largest component of India’s $84-billion bilateral trade with the UAE. The Reserve Bank of India (RBI) has been silently pursuing the internationalisation of it’s Structured Financial Messaging System (SFMS) with the UAE through last month’s agreements on trade settlements in rupees / dirhams & linking their payment systems as one more step towards bypassing SWIFT . The agreement focuses on creating a Local Currency Settlement System, promoting bilateral transactions using the Rupee-Dirham, encompassing all current account transactions and permitted capital account transactions. Previously, Russia’s 🇷🇺largest oil producer Rosneft and the IOC agreed to use the Asia-focused Dubai 🇦🇪 oil price benchmark. India have begun paying for this oil in UAE dirhams instead of USD. India is prepared to trade in rupees with nations facing a shortage of dollars so as to “disaster-proof“ them and effectively boost its exports. Four days ago two Indian Naval ships, participated in a bilateral Naval Maritime Partnership Exercise with the UAE Navy increasing regional security for maritime trade. Yesterday Dubai’s iconic Burj Khalifa was illuminated in the colours of India’s flag 🇮🇳 to celebrate India’s 77th Independence Day. It also displayed “Happy Independence Day to Mother India“ and “Long Live India UAE Friendship“. Video source - Mint Источник: The Paradigm Shift Channel ⏳