This is due to the fact that the tension between India and China continues to grow, notes Bloomberg.
India has refused to pay for crude oil imports in yuan at the request of Russian suppliers. Bloomberg reported this on October 20.
India has resisted pressure from Russian oil suppliers to pay for imported crude oil in Chinese currency as tensions between New Delhi and Beijing continue to rise.
An Indian official participating in the negotiations said that some oil suppliers from the Russian Federation require payment in yuan. This was confirmed by one of the senior officials working at the state oil refinery.
Prime Minister Narendra Modi’s government will not agree to these demands, they said. About 70% of India’s refineries are government-owned, which means they have to follow payment instructions from the Ministry of Finance.
India’s largest state-owned oil refiner Indian Oil Corp used to pay for Russian oil in yuan, but the government has banned it.
Let’s remember that by 2022, Russian oil imports to India will increase tenfold.
After the introduction of Western sanctions against the Russian Federation, Asian countries filled the niche left by European buyers. The Indian authorities have declared that they will not refuse Russian oil, because its purchase is beneficial for the country.
Source: korrespondent
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