Indian government officials have delayed payment in yuan for at least seven shipments of Russian oil destined for local refineries. This has been reported Reuters With reference to sources.
According to the agency, payment for the interrupted operations has still not been made.
As the media has clarified, Indian refineries are now expecting shipments of Russian oil from the end of September 2023.
The delay in payment is due to the negative attitude of the Indian authorities towards the increasing cases of payments for raw materials being made in Chinese currency instead of rupees.
Apart from Yuan, another alternative option to pay for Russian oil was the Arab dirham. However, raw material suppliers from Russia refused to transact in UAE currency for the above cargoes.
Additionally, a representative of the local Ministry of Finance explained that the Asian country’s authorities do not have sufficient authority to ban private companies from purchasing oil from Russian suppliers in exchange for yuan.
India before now augmented Discounts of up to 8-10 dollars per barrel on Russian oil.
Previously recognizedWhen oil prices fall to $50 per barrel.