A senior Indian official confirmed that Indian refiners have used the RMB settlement part of crude oil imported from Russia.
Reuters reported on Friday (July 14) that a senior Indian official confirmed that some Indian refiners are using RMB for Russian oil settlement, but he did not disclose more details, including the usecompany of.
Reuters quoted three sources earlier this month that Indian Petroleum Corporation became the first state -owned refinery to pay some Russian oil transactions with RMB in June this year.According to reports, Indian Petroleum Corporation pays RMB China Bank through Indian Industrial Credit Investment Bank to settle a transaction with Rosneft (Rosneft).
In addition, at least two of the three private refiners in India also use RMB to pay Russian crude oil, and a number of state -owned oil refineers are exploring the RMB settlement mechanism.Mainly pay currency.
The above -mentioned Indian officials also stated that because India exports to China with low exports and the RMB reserves are not large, India's use of RMB for trade settlement may be relatively limited.
In fact, the Indian Ministry of Petroleum and the Ministry of Finance have previously tried to persuade Russia to accept the use of Indian rupees to pay crude oil transactions.Due to national defense trade, Russia has accumulated a large number of rupees.
A senior Indian official told Reuters that the Indian Reserve Bank (RBI) plans to provide guidelines for banks in the next two to three days to solve some initial issues of the rupee trading mechanism.
The official explained: "The problem of the rupee trade is that it can only be used as a transliteration currency."
