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India Embraces Yuan for Russian Oil Imports Amid Tensions

10/8/2025

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Summary

Story summary

Indian state refiners now pay for Russian oil in Chinese yuan, reflecting improved India-China ties.
Indian Oil Corporation (IOC) has completed several yuan transactions for Russian oil shipments.
The shift aims to simplify payments and reduce currency conversions.
India is the largest Russian oil importer, accounting for about 40% of its crude needs, and will continue imports despite international pressure.

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Story summary

Indian state refiners now pay for Russian oil in Chinese yuan, reflecting improved India-China ties.
Indian Oil Corporation (IOC) has completed several yuan transactions for Russian oil shipments.
The shift aims to simplify payments and reduce currency conversions.
India is the largest Russian oil importer, accounting for about 40% of its crude needs, and will continue imports despite international pressure.