Top Indian refiners are using the UAE’s currency instead of the US dollar to buy Russian crude, report says

Top Indian refiners are using the UAE’s currency instead of the US dollar to buy Russian crude, report says

Top Indian refiners are moving away from the US dollar in favor of the UAE's dirham, sources told Bloomberg.

Reliance Industries, Bharat Petroleum Corp, and Nayara Energy are shifting currencies to buy Russian crude oil.

"If you are asking me officially am I in the know of these payment channels, no, I'm not," India's oil minister told Bloomberg.

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Large Indian refiners are shifting away from the US dollar in order to purchase Russian crude, sources told Bloomberg.

Companies including Reliance Industries, Bharat Petroleum, and Nayara Energy are instead starting to use UAE's dirham, which is pegged to the US dollar.

"If you are asking me officially am I in the know of these payment channels, no, I'm not," Indian oil minister Hardeep Singh Puri told Bloomberg. Still, India is open to discussing the issue with other countries, he added.

The currency the Indian refiners use varies from cargo to cargo, depending on traders' preferences, according to Bloomberg.

Still, it marks another setback for the dollar's dominance, as greenbacks are the most widely used currency worldwide to conduct trade, especially for commodities like oil.

Since Russia's