HPCL switching from dollar to dirham & rouble to pay for Russian oil to avoid price cap issues

Hindustan Petroleum Corp (HPCL) is increasingly switching from dollar to dirham and rouble to pay for Russian oil to avoid trouble arising from the price cap imposed by the G-7 countries. HPCL, which has used 2 million tonnes of Russian crude of the total 17 million tonnes processed this fiscal year, is shifting to the currencies of the UAE and Russia following foreign banks' refusal to process payments in dollar, said the person cited above.

from Industry-Economic Times https://ift.tt/oxgB3Ts
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