By Admin 
yuan For Russian Oil: The crude oil being purchased by India from Russia is now being paid in Chinese currency ‘Yuan’ instead of US dollars. This move may prove to be an uncomfortable news for US President Donald Trump, especially when he has repeatedly criticized the imposition of high tariffs on India and the common currency plan of the BRICS countries.
According to a report by news agency Reuters, Indian refiners buying oil from Russia were asked by Russian suppliers (traders) to pay for recent shipments in yuan instead of US dollars or UAE dirhams.
Trump’s anxiety will increase!
The report quoted sources as saying that Indian Oil Corporation (IOC) — the country’s largest state-owned oil company — has paid for at least two or three Russian oil shipments in yuan.
Traditionally, international oil prices have always been paid in US dollars. But due to Western sanctions on Russia and the complexities of the ruble payment system, the need for an alternative currency is now being felt. In this situation, paying in yuan has become a more convenient option.
Why did the use of yuan increase?
This is not the first time that India has paid for oil purchases in yuan. Even in the year 2023, Indian government companies had paid for some shipments in yuan. However, that practice was banned after tensions increased in India-China relations.
Now, latest developments indicate that India has partially reinstated the permission for payments in Yuan. Private oil companies were already paying in yuan, but now with the involvement of state refiners, this change is considered important for both the international trade balance and the global holding of the US dollar.
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