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Recently, Russian oil traders have begun asking Indian state-owned refineries to pay in yuan, Reuters reported on October 7. The source said that after the improvement of Sino-Indian relations, Russian oil sellers saw this as an opportunity to simplify transactions with Indian buyers.

The person familiar with the Indian company's Russian oil procurement revealed that recently, Indian Oil Company, India's largest refiner, has paid for two to three shipments of Russian oil in RMB. Indian Oil did not immediately respond to a request for comment.

The source told Reuters that Russian oil traders previously allowed buyers to pay in yuan, dirham and dollar, but subsequently they needed to convert the dirham or dollar payment into yuan, because only yuan can be directly exchanged into rubles.

The source said traders were pricing Russian oil in U.S. dollars to ensure compliance with the EU "price cap" and seeking equivalent yuan payments.

The source further explained that paying with yuan would expand the supply of Russian oil to India¡¯s state-owned refineries because in Russia, some traders do not accept other currencies.

After the Russian-Ukrainian conflict, the U.S. West imposed sanctions on Russia, but this move accelerated Russia's de-dollarization process, and began to use more and more alternative currencies such as the RMB and the UAE dirham to settle oil trade.

In July last year, Vladimir Chistyukhin, the first vice chairman of the Russian Central Bank, said that the Russian central bank would "make every effort" to ensure that the RMB will continue to be used for settlement and investment in Russia, and promised to explore relevant mechanisms and ways.

Reuters said that in 2023, Indian oil companies used RMB to pay for some Russian oil, but stopped this practice after tensions between China and India. However, private refineries in India continue to use the RMB.

Indian refinery data map printed media

After the Russia-Ukraine conflict broke out, the United States and the West imposed a trading ban on Russian oil trading companies, lowering the Russian crude oil price ceiling, causing Russian oil prices to fall. This has led India, which relies on 90% of imported oil, to significantly increase its purchases of Russian oil to reduce its energy bill.

Reuters said that India has now become the largest importer of discounted Russian seaborne oil. Data shows that Russia has become India's main oil supplier, accounting for about 35% of India's total supply, compared with less than 1% previously.

However, the Trump administration has failed to mediate the Russian-Ukrainian conflict and has begun to look at India, pressuring India to stop buying Russian oil.

U.S. President Donald Trump announced an additional 25% tariff on Indian goods in August, bringing the total tariff level to 50%. The additional tariff measure will come into effect on August 28 local time. Trump said it was to ¡°punish¡± India¡¯s continued purchase of Russian oil. Trump administration officials have also been putting pressure on India to blame India for its oversea.

Recently, the United States has also tried to jointly act with the G7 and EU countries to demand allies to raise taxes on India.

Faced with Trump's trade pressure, the Indian government took a tough stance and increased its interaction with Russia, China, Brazil and other countries.

On September 21, India¡¯s Ministry of Commerce and Industry, Pius Goyar, reiterated that India will continue to buy oil from Russia unless the United States offers an equivalent price alternative.

He also pointed out that India was wrong to help Russia fight the war, and criticized the double standard of the West: the United States can spend more money to buy oil, the European Union, and India doesn¡¯t have so much money to buy high-priced oil.

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Extended reading

The U.S. and Russia seem to be jealous of India and Brazil.

The sea guests.

Russian Foreign Minister Lavrov just said in the general debate of the 80th session of the UN General Assembly that he supported Brazil and India to become permanent members of the UN Security Council, and U.S. Secretary of Commerce Lutnik said, "Brazil and India are both countries in need of repair."

9month27On Sunday, in the United Nations headquarters in New York, Russian Foreign Minister Lavrov attended a press conference after the general debate of the UN General Assembly. Photo: Xinhua Agency

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This year marks the 80th anniversary of the United Nations.At the general debate at the 80th session of the United Nations General Assembly, Finnish President Stuart and others said that the permanent membership of the United Nations Security Council should be expanded.

According to Stubb, there should be ten permanent members of the Security Council, which means he wants to double the number of permanent members of the Security Council so far.

What if the ten permanent councillors gathered and voted 5:5?

Of course, the five permanent members have a veto right in the Security Council, and also the permanent members who join after the procedure has been reached have no veto right.

President of FinlandStubby Source: The New York Times (information)

In any case, Stubb said he hoped to expand the Security Council, and as a European leader, Stubb said directly that the next new permanent members of the Security Council could be African and Latin American countries.

Coincidentally. Singapore Foreign Minister Wei Wen also issued a statement at the UN General Assembly. What he said is more pointing to the one-vote veto power held by the five permanent members. Wei Wen said that among the permanent members of the Security Council, the United States, China, Russia, France and even the United Kingdom, if any country votes against it on non-procedural issues, it can veto the draft resolution. Even if it is supported by a majority of the members, the resolution cannot be passed. Since the beginning of this year, many international affairs have been unable to advance because one of the five permanent members voted against it.

Vivian¡¯s statement, of course, represents an expression that belongs to him and to the current Singapore. But the UN¡¯s paradox is that the veto was granted by the United Nations when the Second World War was won. Any country in the Vivian can veto Vivian¡¯s proposals.

Vivian spoke at the General Assembly. Images: Video screenshot

It is worth mentioning that when Finland issued a call for the expansion of the permanent membership of the Security Council, Russian Foreign Minister Lavrov said this, and Lavrov's words directly pointed to the Russian side's views, that is, to support Brazil and India as usual.

However, as Uncle Hai saw, Russia did not initiate the nomination. Lavrov just said this at the UN General Assembly, and Russia has no actual action for the time being.

Listen to what the Russian Foreign Minister said specifically. He claims that the global South is experiencing a new awakening and striving for full independence, and the United Nations should not stay out of this.

Lavrov also said that in December 2024, the United Nations General Assembly adopted a resolution calling for the elimination of all forms of colonialism and calling for the declaration of December 14 as International Anti-Colonialism Day.

Lavrov said Russia is advocating the democratization of the Security Council by increasing the representation of Asia, Africa and Latin America.

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US Ministry of CommerceLuthernick Figure: Data

After all, U.S. Secretary of Commerce Lutnik is not the U.S. Secretary of State responsible for foreign affairs, much less the U.S. President. Therefore, the general view that his speech is more in conflict with India and Brazil in the field of business, rather than specifically aimed at Lavrov's speech, and India and Brazil want to normalize.

But judging from the timeline, Lutnik's speech was indeed tit-for-tat with Lavrov's speech, which was tit-for-tat with the applications of India and Brazil.

According to a report on the website of Hong Kong's South China Morning Post on September 27 quoted by Reference News Network, several sources familiar with the negotiations revealed that during the talks held on the sidelines of the United Nations General Assembly, senior trade negotiators from India and the United States failed to resolve the tariff dispute between the two sides, and India urged the United States to cancel tariffs related to Russian energy imports.

And Brazilian President Lula during the General Assembly, is more tough with U.S. President Trump. After Lula's speech ended, Trump even blasted outwardly, "in fact we embraced."

On the sidelines, during the UN General Assembly, Brazil held a number of forums, but none of them invited the US. Can the American delegates in New York not be angry?

Lutnik says the opinions published are not entirely without cause.

9month23On July, at the United Nations headquarters in New York, Brazilian President Lula attended the first80Speaking at the General Debate of the UN General Assembly, the international community should defend multilateralism and democratic systems, oppose unilateral sanctions and interference with sovereign states, and call for peace in the Latin American region. Photo by: UN

From this point of view, since Russia supports India and Brazil's entry into the WTO, the United States must oppose it!

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The U.S. and Russia seem to be jealous of India and Brazil.

NATO Secretary-General Mark Lutter said on September 25 local time that as Trump doubled tariffs on imports of Indian goods, this had an instantaneous effect on Russia, as New Delhi is now talking to Moscow, Modi told Putin, ¡°Hey, I support you, but can you explain to me your strategy, because I am now going to be charged with 50% tariffs by the United States.¡±

Indian Foreign Ministry spokesman Randy Jayeshwar said at a routine news conference: ¡°This statement is inconsistent with facts and unfounded. Prime Minister Modi has never spoken to President Putin in this way.

Is that Rutte sowing discord between the United States and India?

Overall, in a few months, the position of India and Brazil in the United Nations has not changed at all, while the two countries will change in trade with Russia and the United States.

As for such vulgar words as "lack of repair", such as street gangsters threatening others, it is really staggering that it comes from the mouth of a country's commerce minister!