Cracks are emerging in BRICS as India is showing discomfort with paying the Chinese Yuan to procure oil from Russia. India’s unwillingness to pay the Chinese Yuan for Russian oil imports has held up payments for seven cargoes reported Reuters. However, India is unhappy with the idea of putting the Chinese Yuan forward for global transactions. The move forces buyers to use other currencies like the Chinese Yuan, Russian Ruble, and Emirati Dirhams to bypass the price cap. The firm confirmed that they will accept the Chinese Yuan and Russian Ruble for oil settlements.

Source: The Telegraph October 16, 2023 20:03 UTC