Reliance, BPCL, Nayara among buyers using UAE dirham for Russian oil

India is the UAE's second-largest trade partner and officials are working on a mechanism to boost trade in dirhams and rupees

Reliance Industries Ltd., Bharat Petroleum Corp Ltd. and Nayara Energy Ltd. are among Indian refiners using United Arab Emirates dirham to pay for some shipments of Russian crude as they navigate Western sanctions. 

Buyers have shifted some transactions to the currency, according to people with direct knowledge of the matter. Payments vary from cargo to cargo, depending in part on the demands of specific traders, said the people, who requested anonymity as the details are private. 

Reliance, BPCL and Nayara didn’t immediately respond to requests for comment.

The European Union’s recent ban on imports of refined oil products from Russia