India pays for Russian oil imports in yuan
In the plan to de-dollarize their transactions, Indian refiners have started paying for their oil imports from Russia in yuan, China's currency.
India’s refinery, IndianOil, would be the first in the world to start paying for Russian oil imports in yuan, China’s official currency.
As part of the proposal to de-dollarize their international transactions, various countries have proposed the use of other currencies, such as the yuan.
In this sense, IndianOil, according to close sources, paid for some of its Russian purchases in Chinese currency in June.
According to Indian government sources: “Some refineries are paying in other currencies, such as the yuan, if the banks are not willing to settle operations in dollars.”
Following the scheme assumed by IndianOil, the Bharat Petroleum refinery is also analyzing the implementation of payment methods for oil imported from Russia using the yuan.
India increases purchases of Russian oil
According to data provided by the local Reserve Bank, “throughout the 2022-2023 fiscal year, which ended on March 31, Russia’s share of India’s oil imports skyrocketed to 19.1 %.” from 2.0 %”. With this, the Asian country became the “third-largest importer and consumer of oil in the world, 50.84 million tons of oil”.
The increase in Russian crude oil imports by India occurred after the diversion of supplies from Russia to Asia, as a result of Western sanctions in the face of the armed conflict with Ukraine.
M.Pino
Source: eluniversal
(Reference image source: Eric Prouzet, Unsplash)
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