Payment in Chinese currency of seven cargoes of Russian crude oil imported by state-run Indian oil refineries is being held up over the Indian government's new-found hesitancy to accept this form of payment
Payment in Chinese currency of seven cargoes of Russian crude oil imported by state-run Indian oil refineries is being held up over the Indian government’s new-found hesitancy to accept this form of payment, Reuters cited unnamed Finance Ministry sources as saying on Monday. While there has been some delay in payment with some cargoes, Russian oil companies continue to supply Indian refiners, with India this year becoming the biggest importer of Russian seaborne crude at discounted prices.
Private Indian refiners have continued to settle accounts for Russian oil imports in yuan, though the Times of India notes that the majority of purchases are being settled in UAE dirhams, as yuan payments result in additional conversion costs, adding 2-3% to the cost. India imported some 1.55 million barrels per day bpd of Russian oil in September, up by 16% compared to August. India’s allegedly growing discomfort over settling purchases of Russian oil in yuan comes as the U.S.
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