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.
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The recent seizure of an oil tanker in the Caribbean by US forces, sanctioned since 2022 for allegedly smuggling Iranian oil, has sparked controversy. The US Treasury has linked the vessel to a network led by Viktor Artemov, with connections to Hezbollah and Iran’s IRGC-QF, and implicated in transporting sanctioned Venezuelan oil. This seizure, occurring amidst increased US naval presence in the region, has been condemned by Venezuela and prompted a show of solidarity from Russia. The tanker’s operation is characteristic of shadow fleets, employing tactics like shell companies and flag changes to evade sanctions, with Iran relying on such vessels to generate oil revenue.
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John Q. Hosedrinker