BRICS India Makes First Oil Payment to UAE in Rupees: A Game Changer? In a groundbreaking move, India and the United Arab Emirates (UAE) have started settling bilateral trade in their local currencies. India, the world's third-largest energy consumer, has officially made its first-ever payment in rupees for crude oil purchased from the UAE. This signals what could be a significant shift in international trade dynamics and a win for BRICS nations seeking to de-dollarize.

Indian Oil Corp Leads the Way India's leading petroleum refiner, Indian Oil Corp, recently concluded a historic transaction, making payment in rupees for the procurement of one million barrels of crude oil. This landmark deal signifies a pivotal moment in India-UAE trade relations and reinforces the growing importance of local currency settlements.

ADNOC Receives Rupee Payment Indian Oil Corp (IOC) made the payment to Abu Dhabi National Oil Company (ADNOC) directly in rupees, according to a statement issued by the Indian embassy in the UAE. This successful transaction underscores the feasibility and growing acceptance of rupee-denominated trade between the two nations.

A Milestone in Global Trade and Monetary Diplomacy The completed crude oil payment from India to the UAE represents a significant milestone in global trade and monetary diplomacy. This move could pave the way for increased adoption of local currencies in international transactions, reducing reliance on the US dollar and strengthening economic ties within the BRICS alliance and beyond. The move highlights India's growing economic influence and its commitment to exploring alternative trade mechanisms.