India, already the world’s top buyer of discounted Russian oil, appears to be quietly using the Chinese yuan for some of its payments, reported news agency Reuters. This comes amid signs of warming ties between New Delhi and Beijing.

Traders supplying Russian crude have reportedly asked Indian state refiners to settle a few recent shipments in yuan instead of the usual dollars or UAE dirhams.

State-run Indian Oil Corporation, the country’s largest refiner, has made payments in yuan for at least two or three Russian shipments, according to sources familiar with the deals.

WHY YUAN?

Traditionally, oil payments are made in dollars, but sanctions on Russia and the need to convert payments into roubles have made alternative currencies more common.

The move to pay in yuan simplifies the pro

See Full Page