Russian oil and coal, paid for in yuan, will soon begin to arrive in China, according to media reports.
Russian coal and oil, paid in yuan, will soon begin to arrive in China after several Chinese firms used the local currency to buy Russian coal in March, Bloomberg reports, citing Fenwei Energy Information Service Co.
These will be the first deliveries for local currency after the sanctions imposed by the United States and Europe against Russia.
In addition, the publication recalls that Moscow offers India to pay for oil in rupees, and Saudi Arabia is negotiating with Beijing on the price of some of its oil in yuan. All this affects the status of the dollar as a world currency. It is noted that in 2019, the U.S. currency was used for 88% of transactions, while the yuan was used only for 4.3%.
Fenwei also noted that China has started paying in yuan for steel and coal from Russia, although earlier payments were made in dollars. In 2021, Russia was the second most important supplier of coal to China.
Recall that at the end of March, China allowed the transition to rubles or yuan in gas and oil trade with Russia.