India Has Started Paying In Yuan For Some Russian Oil Imports

Some Indian refiners have paid in Chinese yuan for part of the crude oil cargoes they have bought from Russia, sources have told Reuters, as Moscow seeks alternatives to the U.S. dollar amid the sanctions while India looks to buy crude at discounts.    India has become a top customer of Russia’s crude, alongside China, after the Western sanctions and the price cap on Russian oil. India’s crude oil imports from Russia are estimated to have hit a new record high of 2.2 million barrels per day (bpd) in June, having risen in 10…