India, the world's third biggest oil importer and consumer, currently pays for UAE oil in dollars but is looking to cut transaction costs by eliminating conversions

Western sanctions against Russia over its invasion of Ukraine have given a boost to China's efforts to internationalise its currency, with a dramatic increase in its use in commodity and energy trade with Russia

India sold crude products worth $588 million to the US in November after snapping up sanctioned Russian oil at deep discounts

The marine news publication Lloyd's List said an anonymous entity based in Dalian has bought several very large crude carriers to create the hub off the coast of Portugal