Indian refiners have begun paying for some oil imports from Russia in Chinese yuan, Reuters has reported citing sources with direct knowledge of the matter.
“Some refiners are paying in other currencies like yuan if banks are not willing to settle trade in dollars,” Reuters quoted an Indian govt source as saying.
As per the report, Indian Oil Corporation, the country’s biggest buyer of Russian crude oil, in June became the first state refiner to pay for some Russian purchases in yuan.
China has also shifted to the yuan for most of its energy imports from Russia, which overtook Saudi Arabia to become China’s top crude supplier in the first quarter this year.