Robert Besser
15 Mar 2023, 16:26 GMT+10
NEW DELHI, India: Due to long-running political tensions with its neighbor and rival China, India has ordered banks and traders to avoid using Chinese yuan to pay for Russian imports.
Now a leading buyer of discounted Russian oil and coal, India prefers to use United Arab Emirates dirham to settle trade, and said it is not comfortable with foreign trade settled in yuan. Further, India cannot settle in yuan until relations with China improve.
Since 2021, Indian and Chinese troops have been locked in a standoff along their disputed Himalayan border.
India's largest cement producer, UltraTech Cement, earlier paid for a cargo of Russian coal using Chinese yuan, raising concerns among officials in New Delhi.
Reuters has reported that in recent weeks, Indian refiners began settling some Russian oil purchases in roubles, with payments being processed, in part, by the State Bank of India via its roubles account in Russia.
However, as the rouble is only partially convertible and the two countries have yet to finalize a framework, the majority of their trade is still paid for in other currencies.
Due to India's well-established political and security ties with Russia, as well as the fact that it is a major buyer of Russian arms, it has not yet condemned Moscow's invasion of Ukraine.
Get a daily dose of Breaking Property News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.
More InformationBERLIN, Germany: Reuters has reported that despite potentially higher interest rates, Germans are placing fewer deposits abroad, due to fears ...
WASHINGTON D.C.: The US and Japan have signed a trade memo on electric vehicle (EV) battery minerals.US Trade Representative Katherine ...
DUBLIN, Ireland: Bank of Ireland has announced that it has raised fixed mortgage rates following a cumulative 3.5 percent rate ...
CUPERTINO, California: In a move aimed at disrupting the fintech sector dominated by Affirm Holdings and Sweden's Klarna, this week ...
BURBANK, California: Walt Disney has begun its planned lay off of 7,000 staff, which was announced earlier this year.A letter ...
BEIJING, China: After more than a year of self-imposed exile overseas, Alibaba founder Jack Ma has returned to China, allegedly ...
New Delhi [India], March 21 (ANI/India PR Distribution): Nova Formworks, a leading provider of formwork solutions for the construction industry, ...
Bengaluru (Karnataka) [India], March 14 (ANI/Hunk Golden and Media): B L Kashyap & Sons Ltd. (NSE: BLKASHYAP), one of the ...
This is a joint media release between the Australian Federal Police, Australian Taxation Office and Australian Securities and Investments Commission.A ...
NEW YORK, March 29 (Xinhua) -- Wall Street's major averages climbed on Wednesday, boosted by strong gains in tech names. ...
The Dodge Momentum Index rose 3.0% in January compared to the previous month, according to McGraw Hill Construction, a division ...
The Dodge Momentum Index increased by 0.9% in March to 144.4 (2000=100) from its revised February reading of 143.2. ...