Western sanctions have weakened the dollar's dominance as India buys Russian oil with other currencies

• India has been buying Russian oil trade with non-dollar currencies like the ruble, Reuters reported.
• That erodes the dollar's dominance as commodities deals are typically done with the greenback.
• India's shift came after the West imposed new sanctions on Russian oil in December.

Western sanctions have weakened the dollar's dominance in oil trades, as India increasingly buys Russian oil using other currencies, Reuters reported.