US Edition
India Pays in Yuan for Iranian Oil Purchases Under U.S. Waiver
IOC bought 2 million barrels, and Reliance also imported Iranian crude, while payments were routed in yuan through ICICI Bank's Shanghai office.
- Indian refiners, including State-owned Indian Oil Corporation and Reliance Industries, are settling payments for Iranian crude in Chinese yuan via Mumbai-based ICICI Bank under a temporary United States sanctions waiver.
- Washington issued a 30-day waiver last month on sanctions for oil at sea to ease prices driven by the US-Israeli war on Iran, enabling IOC to complete its first Iranian crude purchase in seven years.
- IOC bought 2 million barrels of Iranian oil aboard the tanker Jaya, a cargo worth roughly $200 million, paying about 95 per cent of the value against the supplier's notice of readiness.
- Treasury Secretary Scott Bessent said on Wednesday the United States would not renew general licenses allowing Iranian crude sales, with the exemption for oil loaded on tankers set to lapse on Sunday, April 19.
- New Delhi, the world's third-largest oil importer, procures 90% of its requirements from abroad; Iranian crude previously accounted for 11.5% of total imports before India ceased purchases in 2019 due to Western sanctions.
19 Articles
19 Articles
Indian refiners settle Iran oil payments in Chinese yuan through ICICI Bank
In a significant, if short-lived, shift in India’s energy trade posture, Indian refiners have been settling payments for Iranian crude oil in Chinese yuan, routed through ICICI Bank’s Shanghai branch. The details were reported exclusively by Reuters, citing four sources familiar with the matter. The purchases were made possible by a 30-day waiver on American sanctions that Washington granted to ease oil prices driven up by the US-Israeli war on…
Times of India
Indian refiners pay for Iran oil in yuan via ICICI Bank, sources say
Indian refiners are making payments for Iranian oil using Chinese yuan. This is happening through ICICI Bank's Shanghai office. Indian Oil and Reliance have bought shipments under a temporary U.S. sanctions waiver. This payment method has not been previously reported. India has also used yuan for Russian oil. The U.S. waiver on Iranian oil is set to expire soon.
Coverage Details
Bias Distribution
- 62% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
