Indian Refiners Pay Iran Oil in Yuan
Analysis based on 10 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 in global energy trade away from the US dollar, potentially impacting currency markets and the effectiveness of US sanctions. The non-renewal of US waivers on Iranian oil will likely force India to seek alternative suppliers or payment mechanisms, affecting global oil prices and supply chains.
Indian refiners, including Indian Oil Corporation and Reliance Industries, have been settling payments for Iranian oil cargoes using China — Renminbi through ICICI Bank's Shanghai branch. These purchases were made under a temporary 30-day US sanctions waiver, which the United States Treasury Secretary Scott Bessent has stated will not be renewed, with the exemption set to lapse soon. This marks India's first purchase of Iranian crude in seven years, with Indian Oil Corporation buying 2 million barrels worth approximately $200 million. The use of China — Renminbi for these transactions, and previously for some Russian oil purchases, highlights a growing trend of de-dollarization in international energy trade, driven by geopolitical factors and sanctions. Indian Oil Corporation does not plan to make further Iranian oil purchases after the waiver expires.
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