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 Bristol Star 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 Bristol Star.
More InformationLONDON, England: Reflecting its increased willingness to support Taiwan, Britain approved a sharp increase in exports of submarine parts and ...
New Delhi [India], March 21 (ANI): Amid a series of disruptions in the Parliament, the Rajya Sabha was adjourned on ...
Vienna [Austria], March 21 (ANI): Researchers at the Institute of Molecular Biotechnology (IMBA) of the Austrian Academy of Sciences characterize ...
London [UK], March 21 (ANI): Oscar-winning composer A R Rahman gave fans a reason to rejoice as he shared a ...
Gilgit-Baltistan [PoK], March 21 (ANI): Wearing of hijab is now mandatory for female students and teachers in Pakistan-Occupied-Kashmir (PoK)and individuals ...
Jammu and Kashmir [India], March 21 (ANI): Wular Conservation and Management Authority (WUCMA) employee Showkat Ahmad first reported and captured ...
DENVER, Colorado: The Southern Nevada Water Authority has voted to accept a $2.4 million grant from the US Bureau of ...
WASHINGTON D.C.: The US government has reported that the exceptionally wet winter in California this year will offer relief from ...
FRANKFURT, GERMANY: Authorities said that as part of a crackdown on gangs suspected of blowing up ATM machines and stealing ...
BERLIN, Germany: Germany will send a cabinet minister to visit Taiwan next week, at a time when Berlin is reviewing ...
ZURICH, Switzerland - Depositors will be fully protected, shareholders will have their equity dwarfed, while bond holders will be largely ...
ATLANTA, Georgia: Data from the Centers for Disease Control and Prevention released this week showed that in 2021 during the ...