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India now pays for Russian oil in yuan, boosting yuan use in energy trade amid sanctions.
Indian Oil Corp has resumed paying for Russian crude oil in Chinese yuan, according to Reuters, citing sources, as Russian traders seek to avoid costly currency conversions.
The shift, following improved India-China relations after a 2024 summit and resumed direct flights, reflects growing use of the yuan in energy trade amid Western sanctions.
India continues to boost Russian oil imports, now accounting for about 40% of its supply, while also exporting refined fuels to Europe.
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India ahora paga por el petróleo ruso en yuanes, impulsando el uso de yuanes en el comercio de energía en medio de las sanciones.