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The UAE signed a settlement with India which accepts rupees in crude oil purchases. India’s high consumption of energy, with 85% of its imports meeting oil needs, has been detrimental with the rising cost of oil due to the sanctions on Russian oil. India has acquired oil from Russia in rupees, and the UAE’s approval will save India billions of dollars from curbing transaction costs. The rupee settlement will continue fostering India’s high demand for UAE oil. 

First rupee payment for oil to UAE: India looks for more deals, no targets: Officials

The UAE signed a settlement with India which accepts rupees in crude oil purchases. India’s high consumption of energy, with 85% of its imports meeting oil needs, has been detrimental with the rising cost of oil due to the sanctions on Russian oil. India has acquired oil from Russia in rupees, and the UAE’s approval will save India billions of dollars from curbing transaction costs. The rupee settlement will continue fostering India’s high demand for UAE oil. 

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