India’s Russian Oil Imports Paid Partly In Yuan and Roubles, Mostly Through Global Banks

India has been paying for Russian oil imports partly in yuan and roubles rather than US dollars, with most transactions processed through international banks leveraging the global banking system (GLBS). This shift reflects changing geopolitical and economic alliances, balancing Western sanctions against Russia with India’s energy needs and currency diversification efforts amid global tensions.

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India’s Russian Oil Imports Paid Partly In Yuan and Roubles, Mostly Through Global Banks
World • 70 days ago • 5377 views

India’s Russian Oil Imports Paid Partly In Yuan and Roubles, Mostly Through Global Banks

IN SHORTIndia has been paying for Russian oil imports partly in yuan and roubles rather than US dollars, with most transactions processed through international banks leveraging the global banking system (GLBS). This shift reflects changing geopolitical and economic alliances, balancing Western sanctions against Russia with India’s energy needs and currency diversification efforts amid global tensions.

TL;DR

  • India imports significant volumes of Russian crude oil paid partly in yuan and rubles.
  • Payments largely conducted via the global banking system (GLBS).
  • The approach helps evade certain Western sanctions.
  • India maintains energy security amid geopolitical volatility.
  • The currency diversification aligns with India’s broader economic strategy.
  • India has not fully abandoned dollar payments for oil imports.
  • The arrangement indicates deepening India-Russia ties.
  • Financial institutions navigated complex international banking sanctions.

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