17/04/2026
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17/04/2026
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NEW DELHI, Apr 17: Indian refiners have begun paying for Iranian oil shipments in Chinese yuan through ICICI Bank, according to sources cited by Reuters, as part of a temporary sanctions waiver granted by the United States.
The payments are reportedly being routed through ICICI’s Shanghai branch into yuan-denominated accounts. Both Indian Oil Corporation and Reliance Industries are said to have purchased Iranian crude under the waiver, which was introduced last month to help stabilize global oil prices.
Sources indicated that one cargo acquired by Indian Oil earlier this month amounted to around 2 million barrels, valued at approximately $200 million.
The arrangement reflects broader efforts to navigate restrictions on Iranian oil trade, with Indian refiners also using yuan in certain transactions involving Russian crude.
However, the waiver permitting such payments is expected to expire soon and is unlikely to be extended, officials said, raising uncertainty over the continuation of these transactions.
