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India's government is facing challenges in paying for Russian oil with Chinese yuan, leading to some payments being held up. As India frowns upon using yuan for oil transactions, sources say that payments for seven cargos have been affected. This development comes as Russia's Gazprom has shifted its export ambitions to China, highlighting the growing influence of China in the global oil market. The issue of payments in yuan has been a point of contention between India and Russia, with Indian refiners previously using yuan to pay for some oil from Russian sellers. However, the majority of their Russian oil purchases are settled in dollars and dirhams. The reluctance to use yuan for oil payments underscores India's discomfort in relying on China for its energy needs.
India's government is getting more uncomfortable buying Russian oil with Chinese yuan, putting payments in limbo https://t.co/PYnPq1JeeN
Exclusive: As India frowns on paying for Russian oil with yuan, some payments held up - Reuters https://t.co/4fyW1QG1Ya
As India frowns on paying for Russian oil with yuan, payments for 7 cargos held up Reuters reported in July that Indian refiners began using yuan to pay for some oil from Russian sellers, while continuing to use dollars and dirhams to settle most of their Russian oil purchases.β¦ https://t.co/TQpMzd8euC
Exclusive: As India frowns on paying for Russian oil with yuan, some payments held up, sources say https://t.co/ePyx3GvgeF https://t.co/iZ8fOPQgjH
β οΈ EXCLUSIVE-As India frowns on paying for Russian oil with yuan, some payments held up, sources say - Reuters https://t.co/kMYIX88OO8
Russia's Gazprom has lost much of its scare factor and its export ambitions are now chiefly in Chinaβs hands https://t.co/sJ48U3CTPq