Bloomberg: India is Using Non-U.S. Dollars to Purchase Russian Oil
According to informed sources, Indian refining companies are increasingly using alternative currencies to settle payments for Russian oil, in an effort to reduce dependence on the U.S. dollar.
The Indian rupee is being deposited into dedicated overseas accounts held by Russian sellers, which are then converted into UAE dirhams or renminbi. Some Indian banks with limited overseas operations are also assisting in these transactions, sources said.
The U.S. exemption allowing India to purchase Russian oil will expire on April 11.
Russian oil companies are insisting on signing longer-term contracts and demanding payment in alternative currencies to mitigate risks arising from potential changes in U.S. policy.
In addition to dirhams and renminbi, companies are also considering using Singapore dollars and Hong Kong dollars for settlements.
Original article: toutiao.com/article/1860627658153036/
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