Indian Refiners Pay Iran in Yuan
Analysis based on 16 articles · First reported Apr 17, 2026 · Last updated Apr 17, 2026
The use of China===Renminbi for Iranian oil payments by Indian refiners, facilitated by ICICI Bank, signals a shift away from the US dollar in international trade, especially for sanctioned entities. The impending lapse of US sanctions waivers on Iranian oil will likely tighten supply and potentially increase oil prices, while also testing the effectiveness of US sanctions.
Indian refiners, including Indian Oil Corporation and Reliance Industries, are settling payments for Iranian oil using China===Renminbi through ICICI Bank's Shanghai branch. This marks India's first purchase of Iranian crude in seven years, made possible by temporary 30-day US sanctions waivers. However, the US, through Treasury Secretary Scott Bessent, has announced that these waivers will not be renewed, with the exemption on Iranian oil set to lapse soon. This payment method, which involves paying 95% of the cargo's value against a notice of readiness, is considered unusual. Indian refiners have also utilized the China===Renminbi for some of their Russian oil purchases, indicating a broader trend of de-dollarization in certain international transactions. The identity of the sellers of the Iranian oil remains undisclosed.
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