India Shifts Oil Imports from Russia to US to Avoid Chinese Yuan

• India purchased discounted oil from Russia in local currencies due to US sanctions on Russia for invading Ukraine • Russia demanded India pay in Chinese Yuan, which India wanted to avoid to not strengthen China's economy • India is now purchasing more oil from the US than Russia to avoid using the Chinese Yuan • India bought 7 million barrels of US oil in March 2024, mainly WTI Midland crude • India's switch to US oil could create cracks between BRICS countries as it hits Russia's Sokol oil exports