India Pushes Back Against Russia Demands to Pay for Oil in Yuan

Russia has excess rupees it can’t use, while it needs yuan
India’s government won’t agree to requests, people say

Indian refiners mostly pay for Russian oil imports in dirhams — the currency of the United Arab Emirates — US dollars, and a small amount of rupees, if oil prices are above the $60 a barrel cap imposed by the US and its allies on Russian oil. — Indian refiners mostly pay for Russian oil imports in dirhams — the currency of the United Arab Emirates — US dollars, and a small amount of rupees, if oil prices are above the $60 a barrel cap imposed by the US and its allies on Russian oil.
Photographer: Dhiraj Singh/Bloomberg

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By Anup Roy, Sudhi Ranjan Sen, and Rakesh Sharma

October 20, 2023 at 1:45 AM UTC

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India is rejecting pressure from Russian oil suppliers to pay for crude imports in the Chinese currency as tensions between New Delhi and Beijing continue to simmer.