Indian Refiners Shift to Yuan for Russian Crude, Boosting Oil Imports

Indian oil refiners are increasingly using the Chinese yuan instead of the US dollar to purchase Russian crude, as fears of potential secondary sanctions have made Indian banks wary of using greenbacks for Russian imports. This shift comes as Russian oil imports into India reached a record high in June. The adoption of the yuan provides relief for both China and Russia, as Beijing aims to promote its currency in cross-border trade agreements and Moscow seeks to circumvent Western measures.