U.S.-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
The transactions in the last three months total the equivalent of several hundred million dollars, the sources added, in a shift that has not previously been reported.
But continued payment in dirhams for Russian oil could become harder after the United States and Britain last month added Moscow and Abu Dhabi-based Russian bank MTS to theMTS had facilitated some Indian oil non-dollar payments, the trade sources said. Neither MTS nor the U.S. Treasury immediately responded to a Reuters request for comment.
"Russia's short-term efforts to try and sell things in return for currencies other than the dollar is not the real threat to Western sanctions," he said. In response, Russia said it would seek payment for its energy in the currency of "friendly" countries and last year ordered "unfriendly" EU states to pay for gas in roubles.
"They're working on building a direct infrastructure between the Russian and Indian banking systems."
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