India's government is expected to reject Russia's demand to pay for Russian crude oil imports in Chinese yuan.
India’s government is expected to reject demands from Russian oil companies to pay for Russia’s crude oil imports in Chinese yuan, Indian officials told Bloomberg on Friday. Russia and its companies need Chinese currency as Russian trade has become much more reliant on China after Putin’s invasion of Ukraine and the sanctions on Russia. Moscow has a lot of Indian rupees, but it can’t spend them all while it needs yuan.
had a record-low share of India’s oil imports between April and September, as the world’s third-largest crude importer more than doubled purchases of Russian crude, according to industry and trade data compiled by Reuters. By Tsvetana Paraskova for Oilprice.com
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