Booming oil trade between the two nations shifts to alternative currencies

The US dollar is seeing its decades-long dominance in oil trade undermined by sanctions against Russia, Rooters reported on Wednesday.

Over the past few months, most deals between India, one of the world’s largest oil importers, and Russia have been settled in other currencies, such as the Russian ruble and the United Arab Emirates dirham, the agency said, citing its oil-trading and banking sources.

Moscow has become India’s top crude supplier after the nation’s refiners started to snap up Russian crude at discounts following the US and EU embargoes on Russian oil, and sanctions against the country’s banks.

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