India Makes Bold Move to Reduce Dollar Dependency in Oil Trade

Four months after India's government rejected demands from Russian oil companies to pay for Russia's crude exports in Chinese yuan, it appears India is now hoping for a similar arrangement with Gulf crude exporters. Bloomberg reports that the Reserve Bank of India (RBI) has asked the country’s major state-owned refiners to press Persian Gulf suppliers to accept at least 10% of oil payments in rupees in the next financial year, three executives at the processors said. The RBI is concerned that the nation's soaring demand for energy will weaken…