Indian refiners settle Iranian oil payments in Chinese yuan via ICICI Bank

Apr 17, 2026, 4:13:46 PM UTC(8 hours ago)

Impact: Medium

Affected Assets

Indian refiners including Indian Oil Corp and Reliance Industries are using Chinese yuan to pay for Iranian crude oil cargoes
Transactions are being processed through the Shanghai branch of Mumbai-based ICICI Bank to route funds to seller accounts
The purchases were made under a temporary 30-day emergency U.S. sanctions waiver granted in March 2026 to stabilize domestic fuel prices
This marks the first time India has used the yuan for Iranian oil after previously shunning such imports since 2019 due to sanctions pressure
Market analysts note this shift follows a period of extreme volatility where Brent crude prices surpassed 120 dollars per barrel during the 2026 Hormuz crisis

JUST IN: 🇮🇳🇮🇷 India is settling payments for Iranian oil in Chinese yuan instead of US dollars. https://t.co/voAvZHmnNh