Oil & Gas

The Reserve Bank of India is encouraging state refiners to negotiate 10% of oil payments in rupees with Gulf suppliers to protect the rupee's value and reduce reliance on the dollar. This aligns with broader BRICS efforts toward de-dollarization, including a blockchain-based payment system. India's move follows a rejection of demands to pay Russian oil companies in Chinese yuan. Despite initial resistance from Gulf exporters, India aims to promote the rupee in international trade. The country's refiners have already approached oil exporters, but currency risk and conversion charges are concerns. India's decision comes as BRICS( Brazil, Russia, India, China, and South Africa) nations work to reduce reliance on the dollar in settlement.