After the start of the war between Russia and Ukraine, Russia is facing heavy sanctions from the West and most Western nations are not buying Russian oil or any other products.
Is India using the Chinese Yuan for Russian Oil?
Then Russia started to offer its oil at heavy discounts which is why India started to buy Russia by ignoring every sanction by the West. And Russia became 2nd largest export of crude oil.
The trade between India and Russia went up to almost 51.3 billion dollars which was 10-15 billion last year. The major problem in this trade was the mode of payment because after sanctions Russia can’t accept payment in euro, USD, or any other important currency.
So, India made a deal with Russia to do Rupee-Ruble trade but the problem for Russia is in the world most nations still prefer USD or Euro for trade. What India did was tried to make some payments in Rupee and some in Yuan because Yuan holds a 2.54% share in payments in world trade.
India didn’t pay whole payments in Yuan India just paid some millions of maximum billion mostly India is trying to use Rupee for trade with Russia.
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