India has begun settling some payments for Russian oil in Chinese yuan, though most transactions are still conducted in roubles, Russia’s Deputy Prime Minister Alexander Novak said on Wednesday.

"I am aware that such payments have started. I believe the percentage is small at present because payments are largely made in roubles," Novak told the state-run TASS news agency.

India remained the second-largest buyer of Russian crude in September behind China, according to the Centre for Research on Energy and Clean Air (CREA).

India had been paying mainly in rupees for Russian oil, according to earlier reports. Western sanctions imposed on Russia after its 2022 invasion of Ukraine have accelerated usage of alternative currencies, including the yuan and the UAE dirham to settle oil trade

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