This delayed six cargoes of Sokol oil the IOC was supposed to receive from late November to December, Reuters reported, citing shipping data.
It isn't immediately clear how much Sokol oil is stuck at sea due to the payment issue.
AdvertisementIndia has emerged as a major buyer of Russian oil following swathes of Western sanctions against Moscow.
This means that dollar trade with Russia is restricted — and this is important since the greenback is the international trade currency of choice.
To be able to buy Russian oil, India insisted on settling trades in the rupee earlier this year.
Persons:
—, Rosneft, It's
Organizations:
Service, Russian Sokol, Indian Oil Corp, Reuters, Business, United, UAE dirham, IOC, Business Insider, Sokol, Bloomberg, Moscow
Locations:
Moscow, Russian, United Arab Emirates, UAE, Sokol, India, Sri Lanka, Russia, Ukraine, China, Delhi, Beijing