The transaction reflects the progress of dedollarization in the BRICS, a process also taking place in Argentina
India’s Prime Minister Narendra Modi Portal/Ezra Acayan/Pool
247 Columnist Nelson de Sá of Folha de S. Paulo points out that the Portal agency reported that refineries in India are starting to pay in yuan for oil imports from Russia. The news resonated in Indian press such as Hindustan Times and ABP channel, as well as in Russian press such as Kommersant and RT.
In China, too, media outlets such as Guancha reported on the fact, adding that “it’s rare for good news to suddenly come out of India.” According to the column, “the good news came more from Argentina.”
Nelson de Sá shares that the Global Times and other media outlets welcomed the “extended use” of the Chinese currency by the country, which has chosen the yuan to pay the International Monetary Fund (IMF), accelerating the internationalization of the yuan. The South China Morning Post called the unblocking of Chinese currency accounts at Argentinian banks “another small step”. This news was highlighted by media companies in Buenos Aires such as Clarín, La Nación and Ámbito Financiero, as well as by Renmin Ribao digital in Spanish and Diario del Pueblo.