How inseparable is India from Russian oil?Holding on for only one month, why would India surrender to the yuan again?It is reported that India's largest state-owned oil company was previously exposed on the Internet because it had previously used RMB to buy Russian oil. Because of the actions of Indian state-owned companies, many Indian private oil companies have slowly begun to use the renminbi and exchange all the dollars in their hands for ** yuan to buy Russian oil in large quantities. But what everyone doesn't know is that India has also said very hard that even if it does not buy Russian oil, it will not accept payment in RMB, which also makes Russian and Indian oil ** problematic. But in just one month, India has changed its face again, why does India want to slap itself in the face?Judging from the current international situation, we can guess that India is very reluctant to use the renminbi today, because India has always been China's biggest competitor, and it has actively cooperated with the United States in its China policy and confronted China with the United States.
But if India wants to import Russian oil, then there is basically no other way to go except the yuan. Because Russia has been expelled from the Western financial system, it has also indirectly led to the loss of Russia's access to the use of the US euro to settle **. Although Russia was squeezed out, the domestic ** could not be broken, so Russia chose another way, choosing the yuan as an alternative currency to the dollar and the euro. So why did Russia choose the yuan?In fact, there are three reasons: first, because the Western financial system has excluded Russia, Russia's dollar and euro assets and other foreign currencies have been frozen by the United States and the West, and Russia's frozen overseas funds have exceeded 300 billion US dollars, which leads to Russia's even if it makes money through the black market, it cannot guarantee that its overseas funds can be transferred safely and can be confiscated by Western countries at any time.
Second, because the renminbi is stable enough, some euros, yen, and South Korean won have become stepping stones for the dollar in today's inflationary dollar, and even currencies such as the Indian rupee and the Turkish lira have collapsed under the pressure of the dollar. Therefore, when other currencies are difficult to protect themselves, a stable renminbi has naturally become Russia's first choice. Third, because of the best reasons between China and Russia. I believe everyone knows that the best contacts between China and Russia are relatively close, so the two countries have strong complementarity in terms of industrial structure. As the world's largest resource country, and China as the world's largest industrial power, Russia can provide the energy materials that China lacks, and Russia lacks industrial products and industrial equipment, and China can also produce stably.
Therefore, when Western companies withdraw from Russia on a large scale, China's industrial industry can quickly supplement everything that Russia lacks, and this industrial complementarity allows Russia to accept the yuan with confidence. And in my country's **, there is no need to worry about not being able to spend the RMB, because as long as you come with the RMB, the Chinese side can spend anywhere, my country is not afraid that the RMB in the hands of the Russians will not be spent, but I am afraid that the RMB in the hands of the Russians will not be enough, but what is the reason why Russia really accepts the RMB?The previous Russian-Indian oil **, Russia found itself at a big loss after the transaction, why?Because Russian-Indian oil** was settled in Indian rupees at the beginning, but under the pressure of the dollar, Russia has more and more Indian rupees in its hands, but there are fewer and fewer things that can be bought.
In 2022, the total amount of Russia's imports from India is only 41.6 billion US dollars, and once it exceeds 41.6 billion US dollars, the rupees in Russia's hands will be unsalable and become waste paper. But India is different, after all, the rupee is its own currency, as long as it has enough money, it can buy a steady stream of oil from Russia, so India has seized the loophole and desperately picked wool from Russia. And although Russia has gone up, the rupee in its hands has become waste paper, and it is constantly depreciating against the background of the hegemony of the dollar. So Russia is unwilling, if you don't give me RMB, I won't sell oil to you. Later, India began to negotiate with Russia, if you don't want rupees, then I won't buy it, without you Russia, I still have the Middle East, after all, transporting oil from the Middle East is much faster than transporting oil from Russia. But India only paid lip service, and did not hold on for even a month, and immediately changed to RMB to import Russian oil on a large scale.
Throughout 2022, India's total imports of Russian oil increased tenfold, from $2.2 billion to $31.6 billion. India has never been able to pay the rupee, and needs to use the yuan, which means that India needs to prepare at least more than 200 billion yuan, but India has always been uninterested in China, let alone the yuan, which has a total of less than $100 billion per year. So what if India doesn't have so much yuan in its hands?Then there is only one way, that is, to exchange the dollar in hand, and this is also the way that India has to sell the dollar foreign exchange in its hand, and buy the yuan instead, this move is also indirectly let India improve the degree of internationalization of the yuan, which is very fatal to the dollar, although India does not want to see this situation, but can only accept it. At the same time, this also reflects that the RMB system has been slowly emerging, and I believe that in the near future, Rosneft will establish a new RMB settlement system in the world, and this is also the best situation that China wants to see.