Russian Oil Traders Urge Indian Refiners to Pay in Chinese Yuan

State-owned refining companies in India have reportedly been asked to settle Russian crude transactions using the Chinese currency.

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Terms & Concepts
  • Settlement Currency: The currency used to complete a trade or transaction between parties, determining the denomination of payment.
  • Crude Oil Trade: The buying and selling of unrefined petroleum, often conducted internationally and influenced by geopolitical and market factors.
  • Chinese Yuan (CNY): The official currency of the People's Republic of China, increasingly used in international trade settlements.