Leading oil refiners in Russia are demanding developing countries pay in the Chinese Yuan or the Russian Ruble only. While India recently paid the Chinese Yuan to procure oil from Russia, the country is now refusing to put the Yuan ahead of the US dollar. BRICS member India is uncomfortable with paying the Chinese Yuan for oil and prefers to settle trade either in the US dollar or the Rupee. BRICS: India Prefers US Dollar, Rejects Paying Chinese Yuan For Russian OilSource: telegraphindia.comIndia is upset that the Yuan is gaining prominence as Russia and China are using BRICS to further their narrative. The Modi administration fears that paying in the Chinese Yuan will make the government look weaker during the upcoming elections.

Source: The Telegraph October 24, 2023 18:43 UTC