India pays for Russian oil in currencies other than the dollar.
India pays for Russian oil in currencies other than the dollar.
2026-03-26
Shafaq News – Washington
US media reported on Thursday that, amid escalating geopolitical tensions, Indian oil refineries have begun paying for their Russian oil purchases in currencies other than the US dollar.
The reports stated that the transactions were carried out by sending rupees to private bank accounts abroad “owned by Russian buyers,” and then the rupees were converted into UAE dirhams or Chinese yuan.
In addition to the dirham and the yuan, companies are also considering using the Singapore dollar and the Hong Kong dollar, although the execution of transactions depends on each bank’s level of confidence in this mechanism.
Washington initially allowed India to purchase Russian oil loaded onto tankers up to March 5 without being subject to sanctions, before later extending the exemptions to all Russian oil and products loaded onto ships up to March 12. Currently, no US restrictions apply to these deals.
shafaq.com
