India Buys Iranian Oil in Yuan, Signaling Shift from Dollar Dominance
During a one-month US sanctions waiver, Indian refiners acquired Iranian oil and settled payments in Chinese yuan, circumventing US-imposed restrictions on dollar transactions. This move, facilitated by ICICI Bank’s Shanghai branch, follows India’s previous use of alternative currencies for oil payments, such as rupees for Russian crude. The purchases were made to address domestic demand and potential supply shortages, with additional Iranian crude expected before the waiver’s expiration.
John Q. Hosedrinker