Rupee

Yuan

Read

Billion

<div class="watcher-guru">
 <p>Cracks are emerging in BRICS as India is showing discomfort with paying the Chinese Yuan to procure oil from Russia. The Indian government is upset over letting state-run refiners like the Indian Oil Company (ICO) settle payments in the Chinese Yuan. India’s unwillingness to pay the Chinese Yuan for Russian oil imports has held up payments for seven cargoes reported Reuters. However, the tussle over payments has not disrupted the oil flow and deliveries, officials with knowledge of the matter said.</p>
 <p><strong>Also Read: US Military Stocks Experience a $100 Billion Wipe Out in 2023</strong></p>
 <p>Two finance ministry officials told the news outlet that India is uncomfortable with using the Chinese Yuan for oil payments. They said on the condition of anonymity that payments for seven cargoes are pending with Russia since September.</p>
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div>
 </div>
 <p>The development comes at a time when BRICS is looking to end reliance on the US dollar. However, India is unhappy with the idea of putting the Chinese Yuan forward for global transactions. Read here to know how many sectors in the US will be impacted if BRICS stops using the dollar.</p>
 <p><strong>Also Read: BRICS: Traders Call Out India for Meddling in US Dollar &amp; Rupee Trade</strong></p>
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div id="primisContainer" class="add"></div>
 </div>
 <h2 class="wp-block-heading" id="h-cracks-in-brics-india-upset-for-paying-the-chinese-yuan-to-procure-russian-oil">Cracks in BRICS: India Upset For Paying the Chinese Yuan To Procure Russian Oil</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="566" src="https://cdn.thebittimes.com/images/2023/10/16/9415c0fc4e643628a1279b2898df0d84.webp" alt="brics countries india china flags" class="wp-image-115859" srcset="https://cdn.thebittimes.com/images/2023/10/16/9415c0fc4e643628a1279b2898df0d84.webp 1024w, https://cdn.thebittimes.com/images/2023/10/16/9415c0fc4e643628a1279b2898df0d84.webp 300w, https://cdn.thebittimes.com/images/2023/10/16/9415c0fc4e643628a1279b2898df0d84.webp 768w, https://cdn.thebittimes.com/images/2023/10/16/9415c0fc4e643628a1279b2898df0d84.webp 380w, https://cdn.thebittimes.com/images/2023/10/16/9415c0fc4e643628a1279b2898df0d84.webp 550w, https://cdn.thebittimes.com/images/2023/10/16/9415c0fc4e643628a1279b2898df0d84.webp 800w, https://cdn.thebittimes.com/images/2023/10/16/9415c0fc4e643628a1279b2898df0d84.webp 1138w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: telegraphindia.com
  </figcaption>
 </figure>
 <p>BRICS member India emerged as the top buyer of Russian oil as the country sold millions of barrels at discounted rates. India saved $7 billion in a year by procuring oil at cheaper rates from Russia due to the US sanctions. However, leading Russian refiners announced they are accepting payment in local currency the Russian Ruble and the Chinese Yuan only.</p>
 <p><strong>Also Read: BRICS: Malaysia Advancing To Eliminate U.S. Dollar Financial System</strong></p>
 <p><a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> is facing problems in settling oil with <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> as the US imposed a price cap of $60 per barrel. The move forces buyers to use other currencies like the <a rel="noopener noreferrer nofollow" title="Chinese Yuan" href="https://thebittimes.com/tag/chinese-yuan.html">Chinese Yuan</a>, <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>n Ruble, and Emirati Dirhams to bypass the price cap.</p>
 <p><strong>“It is not banned and if a private firm has yuan to settle its trade, the government will not stop it, but it will neither encourage nor facilitate such trade,”</strong> said a ministry official. It remains unclear if the Indian government has instructed state-run refiners to stop paying in the Chinese Yuan.</p>
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div>
 </div>
 <p><a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>’s oil exporting company Gazprom Neft was the first to announce that it will no longer accept the US dollar as payment. The firm confirmed that they will accept the <a rel="noopener noreferrer nofollow" title="Chinese Yuan" href="https://thebittimes.com/tag/chinese-yuan.html">Chinese Yuan</a> and <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>n Ruble for oil settlements.</p>
</div>
<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>china</li>
  <li>Chinese Yuan</li>
  <li>India</li>
  <li>Russia</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-india-unhappy-about-ditching-the-us-dollar-for-oil-tbt66557.html">https://thebittimes.com/brics-india-unhappy-about-ditching-the-us-dollar-for-oil-tbt66557.html</a></p>

BRICS: India Unhappy About Ditching the US Dollar For Oil

Table of Contents

TheBitTimes

Other articles published on Oct 16, 2023

Why is the Crypto Market Up Today?

Amount of Bitcoin held for a decade or longer nears unprecedented milestone of 3 million coins

Anthony Scaramucci Projects Bitcoin Market Cap Could Hit $15 Trillion: Here’s How

Chainlink (LINK) – A Buy the Dips Opportunity

MT Tower Elevates the Metaverse Experience: Listed on MEXC Exchange and Redefining Engagement, Au...

What did Alameda Research do with $40B in USDT?

Join our free newsletter for daily crypto updates!