“We are using SWIFT for dollar payments," the official, who did not want to be named, said, when asked about the payment gateway being used for Russian payments. The official did not give more details about the banks that Indian traders were using to make the dollar payments. India's trade and finance ministry did not immediately respond to an email requesting comment.
India's imports from Russia have increased nearly five times
in the April 2022 to February 2023 period to $41.56 billion from
$8.54 billion, compared with the same period the prior year,
according to data released by the government on Wednesday.
Last month, Reuters reported India's Russian oil imports
climbed to a record 1.4 million barrels per day (bpd) in
January, up 9.2% from December, with Moscow still the top
monthly oil seller to New Delhi, followed by Iraq and Saudi
Arabia.
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 told reporters.
Indian refiners payed for most of their Russian oil
purchased via Dubai-based traders in United Arab Emirates
dirhams instead of U.S. dollars, Reuters has reported.
(Reporting by Shivangi Acharya; Editing by Andrew Heavens)
