According to a Reuters report, Indian refiners are using Chinese yuan to pay for the small amounts of Iranian oil they are purchasing under the temporary US sanctions waiver. According to the report, ICICI Bank is handling the transactions. In response, the government stated that these transactions are completely compliant with the regulations.
The purchases come after Washington's waivers last month, which permitted nations to purchase Iranian and Russian oil at sea in an effort to stabilise the world's energy markets, which had been spurred by the US and Israel's conflict with Iran.
The US has extended the waiver on Russian oil, but the Iranian crude waiver expires tomorrow. Earlier this week, Treasury Secretary Scott Bessent stated that the US will not prolong the relief.

Some refiners have gone ahead and bought millions of barrels of Iranian oil at sea, despite some prospective purchasers being discouraged by payment arrangements.
According to Reuters, the state-run Indian Oil Corp. purchased two million barrels of Iranian crude on board the massive crude carrier Jaya for $200 million, marking India's first purchase of Iranian crude in seven years. Four other vessels carrying Iranian oil have also been permitted to berth in India.
According to the investigation, ICICI Bank is handling the payments for these oil transactions, sending the money in Chinese Yuan to settler accounts.about response to the report, a senior official stated, "There is nothing incriminating in this."For us, the most important thing is to meet our household needs. Sujata Sharma, Joint Secretary, Ministry of Petroleum & Natural Gas, stated, "Our OMCs are operating within the regulations."
Crude and petrol prices have skyrocketed as a result of the protracted conflict between the United States, Israel, and Iran, which has blocked the Strait of Hormuz, a maritime route that handles one-fifth of the world's oil transit. In contrast to other Asia-Pacific nations, India has been less affected.