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<Commodity> Indian Refiners Reportedly Seek Alternative Currencies Like RMB and HKD for Russian Oil Purchases
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Bloomberg, citing sources, reported that amid escalating geopolitical tensions and shifts in US policy, Indian refiners are increasingly using alternative currencies to purchase Russian oil, aiming to reduce reliance on the USD. The latest transaction method involves depositing Indian Rupees into special bank accounts set up by Russian sellers overseas, which are then converted into UAE Dirhams or RMB. Although the US allowed India to purchase Russian oil earlier this month, this exemption will expire on April 11. Before this deadline, some Russian oil companies are seeking more sustainable arrangements and prefer payments in other currencies to mitigate the impact of changes in US policy. Sources indicated that besides UAE Dirhams and RMB, companies are considering using Singapore Dollars and HKD, although transactions depend on the acceptance level of each bank. (mn/da) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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