Indian Refiners Have Started Paying For Russian Oil In Chinese Yuan

Indian refiners have begun paying in Chinese yuan for some of their oil imports from Russia, as Western sanctions force Russia and its customers to look for alternative currencies other than the U.S. dollar, according to new sources familiar with the matter. "If the relevant settlement banks are unwilling to use dollars, some refiners will pay in other currencies such as Chinese yuan," an Indian government source said. Indian Oil Corporation, the country's largest buyer of Russian crude oil, became the first refiner to pay some of its Russian oil in yuan in June.