Dollar still being used to import Russian oil by Indian companies: Report

Even though it has been months since India started importing oil at discounted rates from Russia, the payment is still being made in the dollar. Russia, however, is inclined to trade in euro or United Arab Emirates dirham. According to a report by Economic Times (ET), Russia is reluctant to shift to the Indian rupee for trade due to the widening trade imbalance between the two countries. 

According to Indian importers, the rupee trade mechanism that was devised in July by the Reserve Bank of India (RBI) has not gained much traction yet. 

"Neither banks nor suppliers are too keen