To say that now there is anything more "concerned" Modi than the US sanctions on India, it is definitely that Ruby no one wanted this matter, even the Russian businessmen filled with international sanctions do not like to pick up the Ruby, naming the surname to settle the RMB.

Reuters on October 7 that Russian oil traders have recently begun to demand Indian state-owned refineries to pay in yuan.

The source said that after China-India relations improved, Russian oil sellers saw this as an opportunity to simplify transactions with Indian buyers. he also revealed that recently, as India's largest refiner, India's oil company has paid for two to three batches of Russian oil shipments in yuan.

The reason for this is that Russia is now overwhelmed by Western sanctions, and the trade between India and Russia can still be settled in U.S. dollars, because Russia and the United States have not yet "made evil".

This also opened up a lot of space for the RMB, the ruble and the ruble, Russia first signed an energy agreement with China, stipulating that the trade of the two sides in the RMB and the ruble to pay, and then Russia simply settled a lot of the use of the RMB because of the massive trade with China, now they also formed this habit.

Later, oil trade between Russia and India was settled in rupee, but later Russia found that this practice really cheated Russia.

Because if Russia and India settled in rupees, India could buy Russian oil in Indian rupees, but what, in turn, could Russia buy from India?

So Russia holds a large ruble in its hands, it is not necessary to go without saying that the exchange rate of the ruble is extremely unstable and vulnerable to multiple factors such as tariffs, capital outflows and trade deficits, such as this Indian ruble to the hands of Russian merchants is basically "discounted".

Later, Russia did not use the ruble to settle with India, they first demanded that both sides use the ruble to settle, but India did not do so, and now the Western sanctions on Russia are so harsh, the exchange rate of the ruble is like a mountain car, and in the event that both sides are not stagnant, they ultimately still choose to use the yuan as the settlement method.

The advantage of doing so is that Russia can sell natural gas and other energy to China, earn RMB from China, and then use RMB to buy industrial products from China, such as clothes, food, automobiles, electronic products, etc.

But for India, it's a bit embarrassing. Where can India make so much RMB? Are there any Indian products that sell well in China?

Indeed, iron ore and other mineral products, India is the world's fifth largest iron ore reserve country, and its high-grade iron ore has long occupied an important position in China's import and export market. In 2024, China will import 31.7 million tons of iron ore from India, with an amount of more than 28 billion yuan, accounting for more than 25% of India's total exports to China.

In addition to minerals, there are also spices and condiments. India is the world's largest spice producer, and condiments such as pepper, turmeric, and pepper have extremely high penetration rates in China's catering industry. In 2024, India's agricultural products exports to China will exceed 20 billion yuan.

There are also other industries, of course, but these currently occupy a large part of China-India trade. This is also the main way for India to earn yuan in foreign currency, while the use of the yuan in India is actually greater.

Now India uses RMB to buy oil from Russia. After the oil RMB agreement between China and Middle Eastern oil-producing countries is more complete, India can still use RMB to purchase oil in the Middle East.

So, while Russia is concerned about the ruble, it is not inevitably a good thing for India, it can help India to circumvent some of the impact of the economic crisis.

But in fact, to say who benefited the most from this, we naturally do not have to say that the benefit of the internationalization of the RMB lies in the fact that it can be countered by the economic impacts caused by man, such as the rise of the dollar, the decrease of interest rates.

In July 2024, the first vice president of the Central Bank of Russia, Vladimir Chishkin, said the central bank would "do everything possible" to ensure that the yuan continued to be used for settlement and investment in Russia, and pledged to explore relevant mechanisms and ways.

The person who provided the information to Reuters eventually told Reuters that paying in yuan would expand India¡¯s state-owned refinery¡¯s supply of Russian oil because in Russia some traders don¡¯t accept other currencies.

And he also pointed out that the reason for all this now is because the U.S. West sanctions on Russia. must say that Russia this time is the right choice, the exchange rate of the yuan is basically more stable, and there is a higher degree of acceptance in the international community.

Because, regardless of the country, it needs to do business with China, under which circumstances, the popularity and widespread use of the yuan is an inevitable trend.