https://sputnikglobe.com/20260326/india-turns-to-non-dollar-payments-for-russian-oil-amid-rising-tensions--reports-1123895248.html
India Turns to Non-Dollar Payments for Russian Oil Amid Rising Tensions — Reports
India Turns to Non-Dollar Payments for Russian Oil Amid Rising Tensions — Reports
Sputnik International
Indian refiners are increasingly using currencies other than the US dollar to pay for Russian crude, Bloomberg reported, as New Delhi moves to reduce exposure to shifting US policy and growing geopolitical uncertainty.
2026-03-26T04:38+0000
2026-03-26T04:38+0000
2026-03-26T04:38+0000
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Bloomberg reported that the transactions are being structured through special overseas accounts, with payments ultimately converted into currencies such as the UAE dirham and the Chinese yuan. The report adds that the Singapore dollar and Hong Kong dollar are also being considered for some deals. The shift comes as Indian buyers step up purchases of Russian oil following supply disruptions linked to the US-Israeli aggression against Iran. Bloomberg said refiners including Indian Oil Corp. and Reliance Industries have bought about 60 million barrels of Russian crude since the US issued a waiver earlier this month.
https://sputnikglobe.com/20260306/bessent-confirms-30-day-waiver-for-india-to-buy-russian-oil-1123773917.html
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russia-india trade, russian oil, oil supplies, indian refineries, indian money, chinese yuan, dollar collapse, petrodollar collapse, dollar hegemony, us hegemony, financial hegemony, global south
russia-india trade, russian oil, oil supplies, indian refineries, indian money, chinese yuan, dollar collapse, petrodollar collapse, dollar hegemony, us hegemony, financial hegemony, global south
India Turns to Non-Dollar Payments for Russian Oil Amid Rising Tensions — Reports
Indian refiners are increasingly using currencies other than the US dollar to pay for Russian crude, Bloomberg reported, as New Delhi moves to reduce exposure to shifting US policy and growing geopolitical uncertainty.
Bloomberg reported that the transactions are being structured through special overseas accounts, with payments ultimately converted into currencies such as the UAE dirham and the Chinese yuan. The report adds that the Singapore dollar and Hong Kong dollar are also being considered for some deals.
The shift comes as Indian buyers step up purchases of Russian oil following supply disruptions linked to
the US-Israeli aggression against Iran. Bloomberg said refiners including Indian Oil Corp. and Reliance Industries have bought about 60 million barrels of Russian crude since the US issued a waiver earlier this month.
