Russia wants to receive Arab dirhams for oil deliveries to India - Reuters

An invoice seen by Reuters shows that the bill for supplying oil to one refinery is calculated in dollars, while payment is requested in dirhams.

Sources said at least two Indian refineries have already made some payments in dirhams, adding that more will do so in the coming days.

Why is this the case? First, the UAE has a neutral stance toward Russia. Secondly, the Arabian dirham is one of the main substitutes of the US dollar, which has a similar dynamics.

The Moscow Exchange started trading the Arabian dirham against the ruble back in May. Considering today's news, we can assume an increase of liquidity in this currency pair.