Sushant Singh
In the wake of Russia’s invasion of Ukraine and despite Western sanctions, India became one of the main buyers of Russian crude oil. Indian refiners have bought more than half of the oil exported by Russia in the current fiscal year. Europe and the United States have largely chosen to look away, but in May, the European Union objected to a direct shipment from Russia’s Rosneft Oil Company destined for India’s biggest state-owned refiner. As a result, the Reserve Bank of India refused to allow payment to Moscow in either euros or U.S. dollars. The state-owned refiner went to another bank, and ended up paying for the Russian crude in Chinese yuan. This gave a boost to Beijing’s efforts to internationalize its currency.
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