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Indian Firms To Use SWIFT System To Settle Dollar Payments With Russia

OIL

Indian companies are using the SWIFT global payment system to settle dollar payments with Russia, a top trade official said on Wednesday, while most oil trade is paid in Dirhams according to Reuters.

  • India plans to use the SWIFT global payment system for Russian dollar purchases despite the West blocking access to SWIFT for several Russian banks, including Sberbank and VTB, soon after the start of Russia’s invasion into Ukraine.
  • “We are using SWIFT for dollar payments," the official said.
  • India has been using varied currencies to settle trade with Russia since the war in February last year.
  • "Payments happen in different currencies, including dollar, euros, dirham," the country's Directorate General of Foreign Trade Santosh Kumar Sarangi said.
  • Indian refiners paid for most of their Russian oil purchased via Dubai-based traders dirhams instead of US dollars according to Reuters.
Energy BulletsCommodities
Energy BulletsCommodities

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