Derived from BitJie, BRICS members Russia, China, and India are reportedly considering using the Chinese yuan instead of the U.S. dollar to settle oil transactions. Russian refiners are seeking payment in yuan from Indian oil and gas companies, while China has reportedly pushed for local currency settlements. India has used yuan to pay for three shipments of Russian oil, according to Reuters, though refiners have not officially confirmed this. India also uses yuan, rubles, rupees, and dirhams for payments. After the Kashmir attack, India halted yuan payments, and Trump’s tariffs also impacted yuan-based energy deals. Russia is now again asking India to pay in yuan for oil shipments. Following U.S. sanctions in 2022, India began buying discounted Russian oil and saved over $7 billion in foreign exchange costs by avoiding the dollar. However, India may seek to reduce yuan usage to avoid adverse effects on its currency.
BRICS Nations Consider Yuan for Oil Settlements
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