Is India betraying the BRICS? He refuses to pay for oil in yuan and prefers the dollar
Tensions are emerging within the main BRICS members, namely India, China and Russia, over payment arrangements for Russian crude oil. Major Russian refiners insist that developing countries make payments exclusively in Chinese yuan or Russian rubles. Although India used to pay in Chinese yuan for Russian oil, it is now reluctant to downgrade the yuan in favor of the US dollar.
As part of BRICS, India is uncomfortable with the idea of using the Chinese yuan and prefers to conduct trade in US dollars or rupees. Indian Oil Company (IOC), a state-owned entity, reported that five shipments have been delayed due to India’s refusal to use the Chinese yuan as a means of payment. This currency difference between the three BRICS members has created tension as India leans towards the US dollar over the Chinese yuan, expressing its preference for making payments in dollars, rupees or dirhams over the Chinese yuan.
#india #brics #dollar #china #yuan #usa #oil #crude #russia #oiloruso #rupias #energia #noticiasenespañol #negociostv
If you want to enter the TV Business Academy, this is the link:
Follow us live ➡️ https://bit.ly/2Ts9V3p
Subscribe to our channel: https://bit.ly/3jsMzp2
Visit Business TV https://bit.ly/2Ts9V3p
More videos from Negocios TV: https://youtube.com/@NegociosTV
Follow us on Telegram: https://t.me/negociostv
Follow us on Instagram: https://bit.ly/3oytWnd