Indian refiners pay for Iran oil in yuan via ICICI Bank, sources say

Indian refiners are settling payments for rare cargoes of Iranian oil ​purchased under a temporary U.S. sanctions waiver using Chinese yuan through Mumbai-based ⁠ICICI Bank, four sources with knowledge of the matter said.

Last month, Washington unveiled 30-day waivers on U.S. sanctions for the purchase of Russian and Iranian oil at sea in an attempt ‌to ease prices that were driven up by the U.S.-Israeli war on Iran. Treasury Secretary Scott Bessent on Wednesday (April 15, 2026) said the U.S. would ‌not renew the waivers, with the exemption on Iranian oil set to lapse ‌on ⁠Sunday.

Difficulties over arranging payment for such cargoes given longstanding sanctions on ⁠Tehran have deterred some would-be buyers of Iranian crude under the waiver, traders have said.