India Uses Chinese Yuan For Some Russian Oil Payments

India's Oil Payments to Russia

India made partial payments in Chinese yuan for oil purchases from Russia. Russian Deputy Prime Minister Alexander Novak confirmed this in a media interview. According to him, the payment in yuan is partial and most of the transactions are still in Russian rubles.

India is the second-largest Russian oil buyer. Its Russian imports have risen abruptly since the beginning of the Ukrainian military conflict. Following Western nations imposing sanctions on Russia, trade in other currencies such as the Chinese yuan and UAE dirham rose.

India purchased around 2.5 billion euros worth of Russian oil in September, down 14% from the previous month.

UK Sanctions Hit Russian Oil Industry and Indian Firm

The United Kingdom has brought in fresh sanctions against Russia's oil sector and Indian firm Nayara Energy Limited. The aim of these sanctions is to cut down the revenue streams for the government of Russia.

This has been done in consultation with the UK Foreign, Commonwealth and Development Office and the UK Treasury. The new sanctions will further cover four oil terminals and 44 tankers that function in China.