India Seeks Alternatives to Yuan for Paying Russian Oil Deliveries Due to Higher Costs and Geopolitical Concerns
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India's government is uncomfortable using yuan for Russian oil payments, putting some deliveries in limbo.
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At least 7 oil shipments from Russia not yet paid by India.
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India wants alternatives to yuan due to 2-3% higher costs vs using UAE dirham.
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Some in India see yuan use as boosting geopolitical rival China.
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Though India had used dollars for Russia trade, fear of sanctions pushed yuan use.