India's state oil company has started paying for Russian oil using the Chinese yuan, as reported on 7 October by Reuters.
• Indian Oil Corporation has recently made payments for Russian oil in yuan, which simplifies the transaction process for traders.
• Traders are now pricing Russian oil in dollars to comply with the EU's price cap while seeking payments in equivalent yuan.
• US President Donald Trump has imposed significant tariffs on India, totaling up to 50 percent, due to its energy ties with Russia.
• Russia is India's fourth-largest trade partner, and India is one of its largest energy buyers.
• This move toward yuan payments is seen as part of a broader trend of de-dollarization among BRICS+ countries.
India's shift to using yuan for Russian oil payments reflects changing trade dynamics and a growing desire to move away from reliance on the US dollar.
https://thecradle.co/articles/indian-traders-switch-to-chinese-yuan-for-russian-oil-purchases-report
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