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Russia seeking oil payments from India in dirhams

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Reuters/Nidhi Verma/7-18-2022

photograph of Dubai skyline at sunset“Dubai, the Gulf’s financial and business centre, has emerged as a refuge for Russian wealth.”

USAGOLD note: Does Russia see the UAE’s dirham as a more stable reserve holding than India’s rupee? It will be interesting to see how economists explain this move on the monetary chess board.

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