Indian refiners, including state-owned Indian Oil Corp, are reportedly using Chinese yuan to purchase Russian oil, according to sources cited by Reuters. This marks a notable shift from traditional payment methods, reflecting broader geopolitical and economic strategies. The move is seen as a response to evolving trade dynamics and potential economic pressure on Russia.
Several Indian refiners have reportedly engaged in transactions using Chinese yuan for oil purchases, indicating a growing trend in currency diversification. Analysts suggest this shift may influence India’s economic relations and trade policy. The use of the yuan could signal a strategic realignment in India’s approach to trade with key global partners, including China.
Experts are observing this development as part of a larger trend of economic diversification, where countries are re-evaluating their trade partnerships and currency preferences. The implications for global trade and economic stability are still under discussion among analysts and policymakers. This shift could impact the Indian economy and its relationships with both Russia and China, influencing future trade agreements and financial strategies.