Posted 11/27/2023, 8:09:00 AM
Russia Scrambles to Find Viable Alternatives for Oil Trade as Buyers Reject US Dollars
- Russia facing issues conducting oil trade in currencies other than USD, with no short-term solution
- India insisting to pay in rupees created problems as Russia has limited use for rupees
- As a temporary solution, India paying in a combination of yuan, HKD, and UAE dirham
- Bigger issue is finding a viable dollar alternative, affecting top buyers like India, Africa, China
- Situation likely to worsen as Western scrutiny over Russian oil trade increases, especially regarding price caps