The value of bilateral trade between Russia and China surged to $21.18bn last month, its highest since Russia invaded Ukraine in February 2022

The US State Department says price caps on Russian oil lets buyers, like China, "drive a harder bargain" in their purchases

India has become the top buyer of seaborne Russian oil, mainly Urals, since Western sanctions were imposed on Moscow over its invasion of Ukraine

China has repeatedly denied sending military equipment to Russia since Moscow's all-out invasion of Ukraine in February 2022

Sources claim two of India's three private refiners have settled some recent Russian oil import deals in Chinese yuan

Prior to sanctions imposed by the West, which cut Moscow off from international financial systems, Russia made the dividend payments in dollars

The deal, for 100,000 tonnes of crude from Moscow, was completed in the Chinese currency and not the US dollar which dominates international oil trade

Trade between the two countries was worth more than $93.8 billion, highlighting how Beijing has maintained its ‘no limits’ partnership with Moscow

Western sanctions against Russia over its invasion of Ukraine have given a boost to China's efforts to internationalise its currency, with a dramatic increase in its use in commodity and energy trade with Russia

India last year implemented a broader framework to facilitate overseas trade in rupees through vostro accounts

Russia has been diverting oil exports from Europe to Asia as the US and its allies try to choke off its energy revenues to limit its ability to fund the Ukraine war

India sold crude products worth $588 million to the US in November after snapping up sanctioned Russian oil at deep discounts