Indian oil refiners are using China's yuan instead of the US dollar to buy Russian crude
Indian refiners are starting to purchase Russian crude imports using the Chinese yuan, as Western sanctions continue to redefine global currency usage.
In June, Indian Oil was the first state refiner to pay for Russian crude in yuan, while at least two of India's three private refiners have completed similar transactions, sources toldPreviously, India had requested banks to avoid the yuan's use in Russian transactions, due to the geopolitical friction New Delhi has maintains with Beijing. Whether this has changed is unclear, Reuters reported.
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