Indian Refiners Pay for Iranian Oil in Yuan Amid Expiring US Waiver

2026-04-18 00:23

Indian refiners are purchasing Iranian oil using Chinese yuan through ICICI Bank, as reported by Reuters. This arrangement is part of a temporary US sanctions waiver intended to stabilize oil prices, which is set to expire on Sunday. Treasury Secretary Scott Bessent confirmed the waiver will not be renewed. State-run Indian Oil Corp has imported 2 million barrels of Iranian crude aboard the VLCC Jaya, marking India's first such import in seven years. Additionally, Reliance Industries has received four Iranian oil vessels, with one already discharging its cargo.

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