BRICS Demands Chinese Yuan For Oil Deals () program details. Reviews, Scam or Paying

BRICS members Russia, China, and India are looking at the Chinese yuan for oil settlements and not the US dollar. Reuters reported that Russian refiners are seeking payments in the Chinese yuan from Indian oil and gas firms. China, the largest buyer of Russian oil, has convinced the Putin administration to push for local currency for settlements.

Indian oil refiners did not immediately respond to the demand from their BRICS counterpart, Russia, for oil payments in the Chinese yuan. However, Reuters quoted two sources who said that India already paid the Chinese yuan for three cargoes of Russian oil. This development has not been officially confirmed by the oil refiners.

Also Read: Wall Street Buys 1,300+ Tonnes of Gold Before BRICS Currency Launch

Also, India rotated payments in the Chinese yuan, Russian ruble, rupee, and the dirham. After China supported Pakistan post the Kashmir attacks, India stopped paying the Chinese yuan. Trump’s tariffs and trade wars also dealt a blow to the yuan payments for energy deals. BRICS member Russia is now again demanding that India pay the Chinese yuan for oil to receive the shipments.

India procured Russian oil after the White House imposed sanctions for invading Ukraine in 2022. As the sanctions kicked in, BRICS member India started buying oil at discounted prices and paid the Chinese yuan for settlements. The country saved over $7 billion in foreign exchange rates by abandoning the US dollar for the crude oil deals.

Also Read: BRICS Makes 10 Eurasian Countries Agree To Curb the US Dollar

BRICS: Will India Resume Paying the Chinese Yuan For Russian Oil?

brics russia crude oil barrel
Source: energyintel.com / Michal Bednarek / Shutterstock

The stakes are high here as BRICS member India wants to cut back on Chinese yuan for any payments. The move will strengthen the local currency, which would in turn bite India. The Modi administration could find alternative ways and not continue with the local currency. Their officials have repeatedly stressed that they support the US dollar for global transactions.

  • BRICS
  • Chinese Yuan
  • Oil
  • Russia

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