Source: Reuters (via feed)
Indian refiners are settling payments for cargoes of Iranian oil using Chinese yuan. The payments are routed through ICICI Bank in Mumbai. This information was provided by four sources familiar with the matter. The purchases were made under a temporary U.S. sanctions waiver.
The arrangements involve oil cargoes described as rare by the sources. The use of yuan and the Indian bank was confirmed by all four sources. The transactions relate directly to the current sanctions waiver.
BizTrendWire Insight:
Indian refiners are using yuan payments through ICICI Bank for Iranian oil purchases under a sanctions waiver.
Indian refiners are using yuan payments through ICICI Bank for Iranian oil purchases under a sanctions waiver.
