India State Refiners Consider Paying in Yuan for Russian Crude
- Yuan will give additional flexibility in payments for crude
- Refiners fear payments in dollars, dirhams can face pressure
An oil refinery in Mumbai, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India’s state oil refiners Bharat Petroleum Corp. and Hindustan Petroleum Corp. are considering paying for Russian crude in yuan in an effort to widen their currency options.
Most payments are currently made in dirhams and dollars, and the risk that the use of these currencies for trade with Russia will be stopped is making the refiners look for alternatives, officials from the two companies said, asking not to be identified due to the sensitivity of the matter.