The dominance of the dollar in international trade began to decline as a result of Western sanctions on Russia and oil trading between Moscow and India. The US dollar's supremacy in the oil sector is under threat since the oil deals between India and Russia was carried out in other currencies.Researchers and economists suggest that the BRICS countries—Brazil, Russia, India, China, and South Africa are seeking to devalue the US currency. Will India-Russia Oil Deals
Furthermore, on March 8, India's oil agreements with Russia increased pressure on the U.S. dollar's dominance in the world oil market. Notably, India is the third-largest oil importer in the world and Russia is now India's leading oil supplier after Europe cut off supplies to Moscow after its invasion of Ukraine began in February 2022.Reporters claim that Indian consumers buy all of their Russian oil in non-US currencies, mainly through the United Arab Emirates (UAE) dirham and Russian ruble. Over the past three months, the oil transactions between Russia and India have been accountable for several hundred million dollars in trade. According to reports, Russia is supplying oil to India at a huge discount. The estimated price cap of $60 per barrel was announced several times last year. However, it has been reported that a significant amount of oil just returns to European gas stations after reportedly being sold at a premium by India. Will India-Russia Oil Deals
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Will India-Russia Oil Deals
Furthermore, on March 8, India's oil agreements with Russia increased pressure on the U.S. dollar's dominance in the world oil market. Notably, India is the third-largest oil importer in the world and Russia is now India's leading oil supplier after Europe cut off supplies to Moscow after its invasion of Ukraine began in February 2022.
Reporters claim that Indian consumers buy all of their Russian oil in non-US currencies, mainly through the United Arab Emirates (UAE) dirham and Russian ruble. Over the past three months, the oil transactions between Russia and India have been accountable for several hundred million dollars in trade.
According to reports, Russia is supplying oil to India at a huge discount. The estimated price cap of $60 per barrel was announced several times last year. However, it has been reported that a significant amount of oil just returns to European gas stations after reportedly being sold at a premium by India.
Will India-Russia Oil Deals
For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true, and top stories of the world.
