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Indian refiners including the Indian Oil Corp (IOC) have started settling payments for oil with China using the Chinese Yuan. The oil was procured from Russia and TEHRAN (Tasnim) – BRICS members Russia, China and India have reduced their use of the US dollar in their trade by 95% which shows a sign of BRICS' growing efforts Indian oil refiners are turning to the yuan for some purchases of Russian crude, sources told Reuters. The US dollar is typically used in international oil transactions. Russian 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 The Indian government's reluctance to permit state-controlled refiners to pay for Russian oil imports with Chinese currency has led to payment delays for at least seven Indian refiners including the Indian Oil Corp (IOC) have started settling payments for oil with China using the Chinese Yuan. The oil was procured from Russia and India’s unwillingness to pay the Chinese Yuan for Russian oil imports has held up payments for seven cargoes reported Reuters. However, the tussle over payments

BRICS Nations Ditch US Dollar: Indian Refiners Pay for Russian Oil in Chinese Yuan

The global economic landscape is shifting, with BRICS nations increasingly moving away from the US dollar in international trade. A significant development is the news that Indian refiners, including the Indian Oil Corp (IOC), have begun settling payments for oil with China using the Chinese Yuan. This marks a significant departure from the traditional reliance on the US dollar, which is typically used in international oil transactions.

Russian 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 to explore alternative payment methods. This move underscores the growing economic ties between Russia and China, facilitated by India's participation.

According to reports from Reuters, Indian oil refiners are turning to the yuan for some purchases of Russian crude. This comes as BRICS members Russia, China and India have reduced their use of the US dollar in their trade by 95%, which shows a sign of BRICS' growing efforts to de-dollarize their economies. The oil in question was procured from Russia and TEHRAN (Tasnim) reports suggest this is a broader trend within the BRICS alliance.

Initially, India’s unwillingness to pay the Chinese Yuan for Russian oil imports has held up payments for seven cargoes, reported Reuters. The tussle over payments highlights the complexities involved in transitioning away from established payment systems. The Indian government's reluctance to permit state-controlled refiners to pay for Russian oil imports with Chinese currency has led to payment delays for at least seven Indian refiners including the Indian Oil Corp (IOC) have started settling payments for oil with China using the Chinese Yuan. The oil was procured from Russia.

Despite these initial hurdles, the fact that Indian refiners including the Indian Oil Corp (IOC) have started settling payments for oil with China using the Chinese Yuan signals a significant shift in global energy trade. The implications of this move for the dominance of the US dollar and the future of the BRICS economic bloc are substantial and warrant close attention.

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