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India and Russia conduct energy trade settlements primarily in US dollars — Oil Minister

"Russia trades with the world and India trades with the world, so most of the transactions are dollar denominated," Hardeep Singh Puri said

NEW DELHI, May 16. /TASS/. India and Russia primarily use US dollars for settlements in their energy trade, and there are currently no payment-related issues, Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri told TASS.

"[These are] dollar payments largely as far as I remember. Some time ago it was a big issue but I don't think that it's a big issue now. You know, companies have to trade. Russia trades with the world and India trades with the world, so most of the transactions are dollar denominated," he said.

India is the world’s third-largest oil consumer and remains heavily dependent on imports, which account for over 85% of its oil consumption. Indian refineries purchase crude oil from more than 30 countries, including Russia.

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India Trade & Cooperation

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