{"id":1303454,"date":"2025-10-08T15:57:16","date_gmt":"2025-10-08T12:57:16","guid":{"rendered":"https:\/\/prm.ua\/indian-state-owned-companies-start-paying-for-russian-oil-in-yuan\/"},"modified":"2025-10-08T15:57:16","modified_gmt":"2025-10-08T12:57:16","slug":"indian-state-owned-companies-start-paying-for-russian-oil-in-yuan","status":"publish","type":"post","link":"https:\/\/prm.ua\/en\/indian-state-owned-companies-start-paying-for-russian-oil-in-yuan\/","title":{"rendered":"Indian state-owned companies start paying for Russian oil in yuan"},"content":{"rendered":"

Russian oil traders are demanding that India’s state-owned companies switch to settlements in Chinese yuan instead of dollars or dirhams, a move that should simplify financial transactions and minimize costs amid sanctions and geopolitical tensions.<\/strong><\/p>\n

This was reported by<\/a> Reuters, citing sources in the oil industry.<\/p>\n

India’s largest state-owned oil refining company, Indian Oil Corporation (IOC), has already made several payments for Russian oil in yuan. This includes at least two or three batches.<\/p>\n

The switch to the Chinese currency is an attempt to avoid complex multi-level currency conversion schemes. Previously, traders had to exchange dollars or dirhams for yuan, and only then for rubles, which increased transaction costs.<\/p>\n

After Russia’s invasion of Ukraine in 2022 and the tightening of Western sanctions, alternative currencies began to be used in the trade of Russian oil. In particular, the yuan and the dirham became the main instruments of calculation, displacing the US dollar.<\/p>\n

In 2023, Indian state-owned companies had already experimented with payments in yuan, but temporarily stopped the practice due to political sensitivities amid strained relations with China. At the same time, private market players continued to use the Chinese currency.<\/p>\n

Suppliers continue to price oil in dollars, which allows them to formally comply with EU restrictions on the maximum price per barrel. However, actual payment must be made in yuan at the equivalent exchange rate.<\/p>\n

Experts believe that this approach will facilitate India’s access to Russian oil, especially given that not all traders are willing to work with less stable or politically sensitive currencies.<\/p>\n

Amidst the sanctions, India has become the largest importer of Russian marine oil, significantly increasing its share after Western countries withdrew from this market.<\/p>\n

Recall that Indian oil refining companies do not plan to reduce imports of Russian oil, despite international pressure and rising tariffs.<\/a><\/p>\n

As reported, Turkish Energy Minister Alparslan Bayraktar said that Ankara will not stop purchasing Russian oil and gas, despite demands from US President Donald Trump<\/a> . He stressed that the government cannot leave citizens without fuel on the eve of winter and does not intend to dictate to private companies from whom to buy energy resources.<\/p>\n

Also follow \u201cPryamim\u201d<\/strong> on Facebook<\/a> , Twitter<\/a> , Telegram<\/a> , and Instagram.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Russian oil traders are demanding that India’s state-owned companies switch to settlements in Chinese yuan instead of dollars or dirhams, a move that should simplify financial transactions and minimize costs amid sanctions and geopolitical tensions. This was reported by Reuters, citing sources in the oil industry. India’s largest state-owned oil refining company, Indian Oil Corporation […]<\/p>\n","protected":false},"author":59,"featured_media":1231536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[76870,76871,76872,76892],"class_list":["post-1303454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","category-news-2","category-news-feed","category-economy"],"_links":{"self":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/posts\/1303454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/comments?post=1303454"}],"version-history":[{"count":0,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/posts\/1303454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/media\/1231536"}],"wp:attachment":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/media?parent=1303454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/categories?post=1303454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}