DID Press: India has begun settling payments for crude oil imports from Russia using non-dollar currencies, reflecting shifting geopolitical dynamics and adjustments to evolving policies from the United States, according to market reports.
A report by Bloomberg indicates that Indian refineries are utilizing specialized offshore accounts to process transactions, with payments ultimately converted into currencies such as the United Arab Emirates dirham and the Chinese yuan. The use of the Singapore dollar and the Hong Kong dollar has also been reported in selected transactions.
The shift comes as Indian buyers have increased purchases of Russian crude following supply disruptions linked to regional tensions. According to the report, major energy firms including Indian Oil Corporation and Reliance Industries have acquired roughly 60 million barrels of Russian crude since receiving a sanctions-related waiver earlier this month.
Energy analysts view the move as part of a broader strategic effort by India to diversify payment mechanisms, reduce reliance on the U.S. dollar in international energy trade, and hedge against geopolitical and financial volatility in global markets.