Indian refiners start paying for some oil imports from Russia in Chinese yuan – report 
COMMODITIES FOREX
Indian refiners start paying for some oil imports from Russia in Chinese yuan – report 
COMMODITIES FOREX

Indian refiners start paying for some oil imports from Russia in Chinese yuan – report 

 

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Indian refiners have started paying for some oil imports from Russia in Chinese yuan, reported Reuters, 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, the report said, citing an Indian government source.

Indian Oil Corp, the country’s biggest buyer of Russian crude oil, in June became the first state refiner to pay for some Russian purchases in yuan, and at least two of India’s three private refiners are also paying for some Russian imports in yuan, per the report.