Indian oil refiners are using China’s yuan instead of the US dollar to buy Russian crude

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Oleg Elkov/Getty Images Indian oil refiners are turning to the yuan for some purchases of Russian crude, sources told Reuters. The US dollar is typically used in international oil transactions. Russian oil imports into India jumped for a 10th straight month in June, hitting a record 2.2 million barrels a day. Indian refiners are starting to purchase Russian crude imports using the Chinese yuan, as Western sanctions continue to redefine global currency usage. Although India does not officially recognize the West's measures against Russia for its war on Ukraine, the fear of potential secondary sanctions has made Indian banks wary...