India has resumed paying for Russian oil in Chinese yuan after a months-long pause, highlighting the deepening global shift away from the U.S. dollar in energy trade as Western sanctions on Moscow tighten.

Indian Oil Corp, the country’s top state-run refiner, has completed several yuan-denominated transactions for shipments of Russian crude, Reuters reported on October 7. The move follows growing pressure from Russian traders seeking payments in currencies easily converted into rubles. Advertisement

While Russian oil prices remain quoted in U.S. dollars to comply with the EU’s price-cap system, Indian refiners now settle the equivalent amount in yuan—a practical workaround to navigate tightening financial restrictions and conversion delays in dollar or dirham channels.

According to geo

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