India has asked banks and traders to avoid using Chinese yuan to pay for Russian imports, three government officials involved in policy making and two banking sources said, because of long-running political differences with its neighbour.
The five officials did not say whether there were also economic reasons behind India's reluctance to accept yuan settlement.used Chinese yuan for a cargo of Russian coal, which raised some concerns among officials as relationship between India and China has deteriorated after deadly border clashes in 2020 in the remote Galwan Valley of Ladakh.
Two banking officials, aware of the matter, said the Reserve Bank of India is not keen on foreign trade settlement in yuan, and confirmed that the government has discouraged them from using the currency.For Indian refiners that in recent weeks started settling some Russian oil purchases in roubles, as, payments have been processed in part by the State Bank of India via its nostro roubles account in Russia.
All five officials declined to be named as discussions were private. India's foreign, finance ministry and RBI did not reply to requests seeking comment.
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