INDIA-RUSSIA Oil Deals 'Dent' Dollar Dominance New Delhi, MOSCOW Push Rupee-Rouble deals. Sanctions targeted at Russia hit dollar dominance instead U S -LED international sanctions aimed at the Russian economy have impacted the dollar instead. Western sanctions have eroded dollar decades-old dominance of International Oil Trade. This currency was After Most India-Russia crude oil deals were Settled The evidence is in currencies other than dollars. Analysts are being India's oil trade, despite returns western sanctions Provides the Sare... The evidence so far of a shift into currencies other than the dollar that could prove lasting New Delhi is the world's number three importer of oil and, Moscow is its leading supplier. Oil trade between the two countries grew after Europe shunned Mo scow's supplies since the War Citing multiple oil trading sources, Reuters said after an oil price cap was imposed on Russia. In December last year, India paid for most Russian oil in non-dollar currencies sources Say New Delhi has been using the Russian rouble and the UAE a Dprovidesirham to pay for Russian Oil. India's Russian oil imports hit a supplier record high in Feb 2023, more than IRAQ & SAUDI Put to Get her paying for oil in dollars has been nearly a universal practice for decades now. According to January 2023 figures from payment System Swift, by comparison, the currency's share of Overall international payments is much smaller at 40 percent in response to sanctions and price cap, Russia sought payments for its energy in the currency of 'friendly' nations & ordered 'unfriendly to pay for gas in roubles.
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Friendly VS. Unfriendly
Paying for oil in dollars has been a nearly universal practice for decades. By comparison, the currency's share of overall international payments is much smaller at 40 % According to January figures from the payment system SWIFT.
A former chief Daniel AHN Economist at the U.S. State Department and now a Global Fellow at the Woodrow Wilson International Center for ScholarsSaid the dollar's strength is unparalleled, but sanctions could weaken the West's financial system and fail to achieve their goals.
Russia's price is in line with the European Union's ban on Russian seaborne oil imports, ending a year of sanctions and sanctions, including Russia's expulsion from the SWIFT global payment system.
About half of its gold and foreign exchange reserves, which amounted to about $640 billion, were seized.
In response, Russia said it would seek money for its fuel in the currencies of "friendly" countries and last year ordered "unfriendly" EU countries RussiaPay for gas in the ruble.
Alexandra Prokopenko, a former adviser to the Russian Bank of Russia and an independent analyst, said: "Even if the sanctions are not violated, the payments to Russian companies have been stopped or delayed."
