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India Discouraged from Yuan Purchases for Russian Goods

OIL

India has asked banks and traders to avoid using Chinese yuan to pay for Russian imports according to government officials cited by Reuters.

  • The officials said that India would rather settle the trade in UAE dirhams.
  • It is understood that a tense relationship between China and India has prompted the preference rather than economic reasons.
  • Sources at the Reserve Bank of India confirmed with Reuters that settlement in yuan was discouraged.
  • Russia had been interested in settlement in yuan to help them purchase goods from China.
  • India is understood to be settling some Russian oil in roubles in recent weeks, but the majority is expected to be in dirhams in the coming months rather than US dollars.
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