As India continues to purchase Russian crude oil despite Donald Trump’s additional 25% tariff, Indian refiners now have started making payments to Russia in China currency Yuan.

Russian oil buyers have been avoiding payment by US dollar due to sanctions. India used to use Yuan to pay for Russian oil earlier, but it was stopped after the relation with China deteriorated. As a result, oil refiners made payment by dollar or dirham, which was then converted to yuan, as only yuan can be directly converted to ruble. But now Indian refiners can directly use the Chinese currency as relationship with China has improved.

India’s choice to pay for Russian crude oil imports in Chinese yuan is a significant geopolitical shift, highlighting both the practical constraints of global sanctions and the ac

See Full Page