Hindustan Petroleum Corp (HPCL) is increasingly using dirhams and roubles instead of US dollars to pay for Russian oil, according to persons with knowledge of the situation. According to one of those listed above, HPCL is switching to the currencies of the UAE and Russia after foreign banks refused to process payments in dollars. HPCL has used 2 million tonnes of Russian crude out of the total 17 million tonnes processed this fiscal year. He wished to remain unnamed. HPCL has not yet purchased Russian oil with Indian
rupees. The person stated that foreign banks in nations where the price ceiling has been established would want to know the prices at which Russian oil deals have been made in order to make sure that those are below the cap. Given that we buy on a delivered basis, why should we tell them that, the official, who wished to remain unnamed, asked. He noted that because the pricing are in dollars, payments just require the conversion to dirhams and roubles.
No other substantial modifications to the payment channel have been made, he claimed, other from the currency change. He stated that the Swift payment system is still functioning normally. A rupee payment system has also been established in India, but refiners are unable to use it mostly due to a significant trade deficit between India and Russia. Rupee payments haven't been popular with Russia up to this point.
Another person with knowledge of the situation added that additional Indian refiners are also moving their Russian oil payments from dollars to dirhams and roubles. The source mentioned above stated, in reference to increased Russian oil shipments, "Crude continues to flow." Russia now exports the most crude to India.
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