Interesting article about India considering yuan oil trade, even though China is one of its rivals.
India is reportedly planning to buy Russian oil at discounted prices and even considering the Chinese yuan as a reference currency in an India-Russia payment settlement mechanism, a move that Chinese analysts say represents the growing frustration among world economies over the US-led sanctions against Russia that have rattled global markets.
The reported plans come as India has been shrugging off pressure from the US to join in its sanctions against Russia, despite growing diplomatic ties between the two countries. This also underlines a trend of countries working to seek alternatives to US-dominated global financial mechanisms to fend off risks as they have been repeatedly weaponized, analysts noted.
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