Press Trust of india

Why Modi govt is internationalising Chinese Yuan by paying for Russian oil imports in it, asks Cong

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New Delhi: The Congress on Monday accused the Narendra Modi government of internationalising Chinese currency by paying for cheap Russian crude oil imports in Yuan.

Speaking at a press conference here, Congress spokesperson Gourav Vallabh said India is importing 42 per cent of its total oil requirement from Russia by paying in Chinese Yuan and in a way is promoting the currency of the country “which is occupying our territory, killing our soldiers and renaming our villages in Arunachal Pradesh”.

He alleged the Modi government is importing 2.17 barrels of Russian oil every day by paying in Chinese currency Yuan and because of this, the mouthpiece of Chinese government, Global Times, is claiming that the Modi government is making Yuan a ‘global currency’.

“The question is why are we not paying in our currency, the Indian rupee. Why are Indian refiners making payment in Yuan to the Russian crude? Why are we trying to internationalise the Chinese currency? Why can’t we make the same payment in the Indian rupee?” Vallabh said, posing a set of three questions to the prime minister.

“Why is the end consumer in the country not getting the benefit of cheap oil bought from Russia? In the last nine years, why has the credibility of the Indian rupee declined in such a way that we are not able to make payments in rupees? Why is China’s currency being established on the global stage?” he asked.

“In the year 2020-21, we bought oil worth Rs 7,000 crore from Russia, now we are buying oil worth Rs 89,000 crore in 2022-23. This figure increased by more than 300 per cent from that in 2021-22,” Vallabh said.

Explaining the chronology of the relationship between the Modi government and China in the last nine years, the Congress spokesman said Modi has made five visits to China and met Chinese President Xi Jinping 18 times, but “China is killing our jawans, taking away our territory and renaming places in Arunachal Pradesh”.

He also claimed that the trade deficit with China is rising to USD 100 billion.

“Modi Ji, if you feel Indian currency is not strong enough to be paid, then why in the entire world you picked the Chinese currency for paying the Russian crude oil supplier?” he added.


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