India Refiners Tap Dollar Alternatives to Buy Russian Oil

Indian refiners are increasingly settling purchases of Russian oil in alternative currencies, according to people familiar with the matter, as they seek to reduce reliance on the dollar amid rising geopolitical tensions and shifts in US policy.

Transactions are being carried out by depositing Indian rupees into special overseas bank accounts held by Russian sellers which are then being converted into UAE’s dirham or the Chinese yuan, the people said, who asked not to be identified because the information is private. Some Indian banks with limited offshore presence are facilitating the trades, they said.