India Turns to Yuan for Russian Oil Payments, Bypassing US Sanctions
India has begun using Chinese yuan to pay for Russian oil, a move that has sparked concern from the US. This shift comes as India looks to bolster its energy security and maintain an independent foreign policy.
The Indian Oil Corporation, a state-owned entity, has initiated payments in yuan to simplify transactions and circumvent expensive currency conversions. This method also helps India comply with the EU's price cap regulations on Russian oil, allowing it to continue importing Russian oil despite US sanctions and pressure.
Previously, India predominantly used rubles for these transactions. However, the recent increase in oil imports from Russia has led to a search for more efficient payment methods. The use of yuan is seen as a practical solution that benefits both India and Russia, facilitating trade while mitigating the impact of sanctions.
India's switch to yuan payments for Russian oil highlights its commitment to energy security and independent foreign policy. While the US has expressed concerns, India continues to explore practical solutions to maintain its oil imports from Russia.
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