India: Traders of Russian Oil Requesting Payments in Chinese Yuan — Reuters

Traders of Russian oil are seeking yuan payments from Indian state buyers, Orda.kz reports, citing Reuters reports.

According to the outlet, citing industry sources, Indian Oil, the country’s leading state-owned oil company, has already made payments in yuan for shipments of Russian crude, a first since 2023.

Traders supplying Russian oil have begun requesting that Indian state refiners switch to settlements in Chinese currency, amid signs of improving relations between Beijing and New Delhi, the publication notes.

At the same time, price caps on Russian oil set by Western countries continue to guide trading operations.