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Amidst the changes due to international developments, India has started using Yuan instead of Dollar. A Reuters report states that Indian refiners are now paying for some crude oil coming from Russia in the Chinese currency yuan instead of dollars. > Sources aware of the matter have been told in the news that due to the western sanctions imposed on Russia, the Indian refiner has to do this. Russia invaded Ukraine in February last year. Since then, the war continues in Eastern Europe till now. Due to this, western countries led by America have imposed many tough economic sanctions on Russia. Due to these sanctions, Indian refiners are unable to pay for Russian crude oil in dollars.
These changes in global trade
The only effect of sanctions on Russia is that Big changes have also been seen. Russia has now become the biggest supplier of crude oil to India and India has become its biggest buyer. Along with this, Russia has now also become the largest supplier to China, while China is the second largest buyer of Russian crude oil after India.
China promoting Yuan
< p>Indian refiners are making some payments for Russian crude oil in yuan at a time when China is promoting its currency as the new global currency. Dollar has been in the role of global currency for a long time. However, in the current situation, the dominance of the dollar seems to be decreasing. Sanctions on Russia have also reduced the dollar’s dominance, while the yuan’s importance has increased.
These companies paid
An Indian government source told Reuters That if banks are not settling the trade in dollars, then some refiners are paying them in other currencies like yuan. Sources say that this work was first done by the Indian Oil Corporation in June. He also claimed that at least 2 private refiner companies of India are also paying in Yuan. There are currently three refiner companies in India, namely Reliance Industries Limited, Nayara Energy and HPCL Mittal Energy Limited.
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