Robert Besser
15 Mar 2023, 16:26 GMT+10
NEW DELHI, India: Due to long-running political tensions with its neighbor and rival China, India has ordered banks and traders to avoid using Chinese yuan to pay for Russian imports.
Now a leading buyer of discounted Russian oil and coal, India prefers to use United Arab Emirates dirham to settle trade, and said it is not comfortable with foreign trade settled in yuan. Further, India cannot settle in yuan until relations with China improve.
Since 2021, Indian and Chinese troops have been locked in a standoff along their disputed Himalayan border.
India's largest cement producer, UltraTech Cement, earlier paid for a cargo of Russian coal using Chinese yuan, raising concerns among officials in New Delhi.
Reuters has reported that in recent weeks, Indian refiners began settling some Russian oil purchases in roubles, with payments being processed, in part, by the State Bank of India via its roubles account in Russia.
However, as the rouble is only partially convertible and the two countries have yet to finalize a framework, the majority of their trade is still paid for in other currencies.
Due to India's well-established political and security ties with Russia, as well as the fact that it is a major buyer of Russian arms, it has not yet condemned Moscow's invasion of Ukraine.
Get a daily dose of Poland Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Poland Sun.
More InformationDUBLIN, Ireland: Local authorities throughout Ireland are set to spend 350 million euros to house the country's homeless in 2023, ...
LONDON, England: Despite rising air fares, a potential global economic recession and risks of gridlock at some airports in Europe ...
DUBLIN, Ireland: Ireland's life expectancy has seen the greatest gains among all EU nations, according to one of the country's ...
PARIS, France: Amidst the mass deaths of dolphins and porpoises in recent years, France's highest administrative body has ordered the ...
BRUSSELS, Belgium: While chairing a meeting of EU foreign and defense ministers in Brussels this week, European Union (EU) foreign ...
DUBLIN, Ireland: Ireland's Department of Justice has acknowledged that it would arrest Russian President Vladimir Putin on charges of war ...
WASHINGTON D.C.: The US Supreme Court will hear a trademark dispute over a dog toy shaped like a Jack Daniel's ...
KABUL, Afghanistan: Afghanistan's education ministry has announced that the country's school year has begun, but the United Nations children's agency, ...
TAIPEI, Taiwan: In an effort to ease tensions between Taiwan and China, former Taiwanese President Ma Ying-jeou will visit Beijing ...
NIAMEY, Niger: Four weeks after US Secretary of State Antony Blinken visited Niger, an American aid worker and a French ...
BRUSSELS, Belgium: While chairing a meeting of EU foreign and defense ministers in Brussels this week, European Union (EU) foreign ...
BANGUI, Central African Republic: Authorities from the Central African Republic have said that nine Chinese nationals were killed and two ...