economy
April 18, 2026
Indian refiners paying for Iranian oil in yuan under US waiver
Indian refiners settle Iranian oil purchases in yuan via ICICI after a temporary US waiver, highlighting shifting trade patterns amid sanctions
TL;DR
- Indian refiners are paying for Iranian oil imports in Chinese yuan.
- This is possible due to a temporary one-month sanctions waiver issued by the US on March 20.
- Indian Oil Corp purchased 2 million barrels of Iranian oil in April, the first such purchase in seven years.
- Reliance Industries has also accepted Iranian oil cargoes, with both trades settled via ICICI Bank using yuan.
- Indian refiners have previously used yuan for some Russian oil purchases.
- The yuan's increasing role in international trade is noted, with President Xi Jinping emphasizing its importance.
- India is a major oil importer, with Iranian crude previously accounting for a significant portion of its imports before 2019.
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