India is Rejecting Pressure from Russian Oil Suppliers to Pay for Crude Imports in Yuan
10.20.2023 By Tank Terminals - NEWS

October 20, 2023 [Forexlive]-The Indian government’s discomfort over letting state-controlled refiners pay for Russian oil imports with Chinese currency has held up the payment for at least seven cargoes, people with direct knowledge of the matter said.

 

The tussle over payment has not disrupted deliveries so far, with Russian firms such as Rosneft continuing to supply state-controlled Indian refiners, who are seeking alternative ways for settlement.

The background to this is that India has been the world’s largest importer of Russian seaborne oil this year. Refiners have been buying the discounted oil (due to the allied price cap).

Indian refiners have used yuan to pay for some oil from Russian sellers, while continuing to use dollars and dirhams to settle most of their Russian oil purchases.

The Indian government is not comfortable using yuan for settlement. Relations between India and China are strained.

 

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Angel CCS JV and Yara Partner for Carbon Capture and Storage Study
04.19.2024 - NEWS
April 19, 2024 [Pipeline & Gas Journal]- The Angel CCS Joint Venture will collaborate with Ya... Read More
Kinder Morgan Meets Profit Estimates, Sees New Demand from AI Operations
04.19.2024 - NEWS
April 19, 2024 [Reuters]- Pipeline and terminal operator Kinder Morgan (KMI.N), opens new tab on ... Read More
Cepsa and Evos Join up for Green Methanol Storage in Spain and the Netherlands
04.19.2024 - NEWS
April 19, 2024 [Storage Terminals Magazine]- Spanish energy company Cepsa has forged an agreement... Read More
Linde to Increase Green Hydrogen Production in Brazil
04.19.2024 - NEWS
April 19, 2024 [Linde]- Linde (Nasdaq: LIN) announced today its subsidiary White Martins will bui... Read More