Eco
Sources revealed that Indian refiners have begun using the Chinese yuan to settle payments for Iranian oil via ICICI Bank in Mumbai under a temporary US waiver.
This reflects efforts to navigate financial restrictions involving Iran.
The United States granted limited exemptions to ease price pressures.
But confirmed they will not be extended.
Sources noted the payment arrangements are unusual.
As payments are typically made upon delivery.
However current constraints required new methods.
Deals included buying two million barrels of crude.
Along with docking tankers for private firms.
Transactions are routed through Chinese banking channels.
Highlighting the growing role of alternative currencies in energy trade.
