The Petrodollar is out: Indian refineries ditch US dollar to buy Russian oil amid Ukraine sanctions
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Indian refiners have begun paying for Russian oil in UAE Dirham instead of U.S. dollars, Reuters has reported. The news agency cited four sources with knowledge of the matter.
The report said that Indian refiners and traders are concerned they may not be able to continue to settle their trade in dollars, especially if the price of Russian oil rises above the cap imposed by the G7 nations and Australia in December
