Indian refiners have begun paying for some oil imports from Russia in Chinese yuan, sources with direct knowledge of the matter said, as Western sanctions force Moscow and its customers to find alternatives to the dollar for settling payments.
SS: Driven by demand for cheap oil, many Indian firms have begun payment to Russia in the Chinese Yuan. Sanctions placed on Russia have caused many nations to seek less reliance in the dollar but this move seems to be made more out of convenience than doctrine. Talks between Russia and India over trade in Rupee-Ruble have lagged as Russia has accumulated billions in the Indian currency and lacks areas in which to use it. Dedollarization and a BRICs backed currency are expected topics at thr upcoming 2023 BRICs summit in South Africa.
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