India and Russia explore payment options for crude
:14 Mar 2022 | Dilasha Seth
▻https://www.livemint.com/industry/energy/india-and-russia-explore-payment-options-for-crude-11647198060477.html
NEW DELHI : India and sanctions-hit Russia are exploring the possibility of using China’s yuan as a reference currency to value the rupee-ruble trade mechanism, two Indian government officials aware of the development said.
The two countries may also look at a floating rate arrangement as India, the world’s third-largest oil importer, considers buying oil from Russia at a discounted rate to cool inflationary pressures.