India has refused to pay Chinese currency for Russian oil as tensions rise between it and China.
How writes Bloomberg October 20, an Indian official who is a participant in the negotiations noted that some oil suppliers from the Russian Federation require payment in yuan. This was confirmed by one of the senior officials working at the state oil refinery. The article says:
“India has rejected pressure from Russian oil suppliers to pay for imported crude oil in Chinese currency as tensions between New Delhi and Beijing continue to rise.”
Prime Minister Narendra Modi’s government will not agree to these requests, sources said. About 70% of India’s refineries are state-owned, which means they will have to comply with payment instructions from the Ministry of Finance.
Indian Oil Corp, India’s largest state-owned oil refiner, previously made payments for Russian oil in yuan, but the government banned this.
In 2022, the publication recalls, Russian oil imports to India have increased tenfold. After the introduction of sanctions against the Russian Federation, Asian countries filled the niche left by European consumers. The Indian authorities have stated that they will not refuse Russian oil, since its purchase is beneficial for the country.
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