Russia and India conduct most of their oil deals not in dollars, but in other currencies. The reason for this was Western sanctions, in particular the oil embargo.
This is reported by Reuters.
It is noted that India is the third largest importer of oil in the world, and the Russian Federation became its main supplier after the introduction of EU sanctions for the invasion of Ukraine. India and Russia conduct oil deals mostly in rubles and dirhams (the currency of the United Arab Emirates).
Over the past three months, the amount of transactions amounted to several hundred million dollars. This time coincides with the introduction of the "ceiling" on Russian oil.
According to Reuters, the world is recording a partial decrease in the dominance of the dollar, while the circulation of other currencies is increasing.
The publication also notes that in the future, Russia will probably not be able to introduce trade in UAE dirhams due to the introduction of Western sanctions against MTS Bank. According to the media, it was this bank that provided services for deals with India. However, interlocutors of the agency note that three Indian banks also supported non-dollar transactions.
It will be recalled that earlier the White House declared that they were satisfied with the effect of the "ceiling" on Russian oil.