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09.10.25 - 08:42
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Indian Traders Begin Switching To Chinese Yuan For Russian Oil Purchases: Report (ZeroHedge)
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Indian Traders Begin Switching To Chinese Yuan For Russian Oil Purchases: Report
Via The Cradle
India's state oil firm has begun making payments for Russian energy in Chinese currency, the yuan, according to a report released by Reuters on Tuesday.
"Indian Oil Corporation recently made payments in Chinese currency for two to three cargoes of Russian oil," informed sources told the British outlet.
Image: Getty Images
"Now, traders, which until now had to convert payments in dirhams or dollars into yuans – since only those can be directly exchanged into rubles needed to pay the producers – are seeking to remove one costly step from the process," one trade source said.
Sources also said that traders are "pricing Russian oil in dollars to ensure adherence to the European Union's price cap and seeking equivalent yuan payment," adding that "payments in yuan will expand the availability of Russian oil for Indian state refiners, given some traders would...
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