India’s oil deals with Russia dent decades-old dollar dominance

The dollar’s pre-eminence has periodically been called into question and yet it has continued because of the overwhelming advantages of using the most widely-accepted currency for business.

US-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India - Russia’s top outlet for seaborne crude - have been settled in other currencies.