Ever since sanctions were imposed on Russia, India hasn’t been able to use US dollar to pay for oil. It is said to be looking at using dirhams & rupee, both of which have limitations.
India shipped in about 1.6 million barrels per day (bpd) of Russian oil in 2022/23, the data showed, about 23% of its overall 4.65 million bpd imports.
Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe and take bigger market share.
Indian refiners and traders are concerned they may not be able to continue to settle trades in dollar if the price of Russian crude rises above a cap imposed by G7 and Australia.
US Treasury said the Group of Seven officials agreed to review price cap on Russian oil exports next month, later than originally planned in order to give time to assess the market.
Arctic crude exports to India have steadily increased since May, with a record 6.67 million barrels loaded in November and 4.1 million barrels in December, shows data.
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