HPCL now paying in rouble, dirham for Russian crude oil

Hindustan Petroleum Corp (HPCL) is increasingly switching from the US dollar to dirhams and roubles to pay for Russian oil to avoid trouble arising from the price cap imposed by the G-7, people familiar with the matter told ET. HPCL, which has used 2 million tonnes of Russian crude of the total 17 million tonnes processed this fiscal year, is shifting to the currencies of the UAE and Russia following foreign banks’ refusal to process payments in dollars, said one of the persons cited above. He didn’t want to be named. HPCL hasn’t used Indian rupee for buying Russian oil as yet. Foreign banks located in countries that have imposed the price cap would want to know the price at which Russian oil deals have been struck to ensure that those are below the cap, the person said.