Tensions are brewing within the BRICS alliance as India, China, and Russia grapple over the preferred currency for oil payments. Russian oil refiners are pressing for transactions in either Chinese Yuan or Russian Ruble, but India is hesitant to prioritize the Yuan over the US dollar. India recently encountered delays in receiving five oil shipments as it resisted payment in Yuan. The disagreement reflects India’s reluctance to boost the Yuan’s influence, which could undermine efforts to globalize the Indian Rupee. This rift underscores growing mistrust between India and China amid border disputes and political considerations ahead of upcoming elections in India.
