India-Russia oil trade articles, originally published by Reuters in March:
US says Russia not benefiting from +$60/bbl oil to India
Russia is not reaping the benefits of higher costs of some recent cargoes of crude oil bought by refiners in India priced above the price cap set by countries in the West and Australia, a U.S. official said on Thursday.
Some cargoes of low sulphur, or sweet, crude oil bought by Indian refiners have risen above the $60 per barrel cap set by the Group of Seven rich countries, the European Union and Australia, due to rising demand, while most cargoes are below the cap.
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India's oil deals with Russia dent decades-old dollar dominance
US-led sanctions on Russia have begun to depreciate the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude have been settled in other currencies, Reuters reported.
The dollar’s dominance has always been questioned and yet it has continued due to the advantages of being the most widely-accepted currency for business.
Amid international sanctions and the Ukraine war, India's oil trade provides the strongest evidence so far of a shift into other currencies, challenging the dollar's superiority.
Notably, India is the world’s number three importer of oil and Russia became its leading supplier after Europe shunned Moscow’s supplies following its invasion of Ukraine began in February last year.
After a coalition opposed to the war imposed an oil price cap on Russia on Dec. 5, India paid for most Russian oil in non-dollar currencies, including the United Arab Emirates dirham and more recently the Russian rouble, multiple oil trading and banking sources told
Reuters.
The transactions in the last three months total the equivalent of several hundred million dollars, the sources added, in a shift that has not previously been reported.
The Group of Seven economies, the European Union and Australia agreed to the price cap late last year to bar Western services and shipping from trading Russian oil unless sold at an enforced low price to deprive Moscow of funds for its war.
Some Dubai-based traders and Russian energy companies Gazprom and Rosneft are seeking non-dollar payments for certain niche grades of Russian oil that have in recent weeks been sold above the $60 a barrel price cap, three sources with direct knowledge told Reuters.
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