Indian Refiners Pay for Iranian Oil Using Chinese Yuan
Indian refiners are paying for Iranian oil in yuan via ICICI Bank under a temporary U.S. waiver. These rare purchases come as exemptions expire this Sunday.
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Refiners in India have begun settling payments for rare shipments of crude oil from Iran using the Chinese yuan. These transactions are being processed through ICICI BANK LTD, which facilitates the currency transfer via its branch in China. This development marks a significant shift in trade finance as Indian firms navigate complex international sanctions.
