Big shift in the oil game! Oil payments in yuan are becoming a new trend for India.
India has begun paying for some Russian oil using the Chinese yuan instead of just rubles. But don’t think India has stopped using the dollar; only a small part of the payments are in yuan right now. But a bit of trade oil payments in yuan.
- India spent €2.5 billion on Russian crude in September.
- Some of those oil payments were made in yuan, most in rubles.
- Western sanctions on Russia is pushing trade into new currencies. Paying in yuan helps avoid issues with Western sanctions.
- India’s oil imports from Russia jumped from 1% to 40% since 2022.
- Cheaper Russian oil is a major win for India’s energy costs.
👉 Why this matters: Oil payments in yuan could reduce reliance on the dollar and give India more options in global oil trade.
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🖋️ Written and summarized by our editorial team using AI assistance and human review.
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