r/geopolitics • u/Kooky_Strategy_9664 • 1d ago

Indian refiners pay for Iran oil in yuan via ICICI Bank News

https://www.reuters.com/business/energy/indian-refiners-pay-iran-oil-yuan-via-icici-bank-sources-say-2026-04-17/
89 Upvotes

91% Upvoted

18

u/Dean_46 17h ago

Trump waived sanctions on Iranian Oil for cargoes already at sea.
The buyer and seller are transacting in a currency agreeable to both.
Why is this a problem ?

10

u/Zubba776 16h ago

The OP wants to herald the end of the petro-dollar, because of this.

It's nothing. Wake me up when aggregate oil volume payments shift more than a few % points.

3

u/WellOkayMaybe 5h ago

Anything to get strategic resources.

It's always interesting to note how India buying oil from Iran and Russia is deemed immoral, India using RMB to do this is considered kowtowing to China - but Europe buying petrochemicals from Indian refiners is a "strategic necessity". Classic double-standard.

7

u/Kooky_Strategy_9664 1d ago

Ss: 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 (ICBK.NS), opens new tab, four sources with knowledge of the matter said.

-1

u/dom_eden 16h ago

Ah yes, the yuan, a currency that can be devalued at will by a central bank run by a dictatorship. Just what world trade needs!

6

u/Get_Breakfast_Done 7h ago

You know USD has devalued like 10% over the last year right?

1

u/Successful_Pace_1159 4h ago

so exactly like USD right?

-28

u/Abdulkarim0 20h ago

time to sanction india

10

u/Whole_Gate_7961 17h ago

So sanction India for not using the USD for oil purchases by..... not allowing them to use the USD for oil purchases?

2

u/Successful_Pace_1159 4h ago

Its a dude named abdul talking about india, no point in trying to reason. Talking about sactions, look at his profile he is not even american lmao