Indian Refiners Paid for Iranian Oil in Chinese Yuan via ICICI Bank’s Shanghai Branch
Reuters reports that Indian Oil and Reliance purchased Iranian crude cargoes under a temporary U.S. sanctions waiver, with payments routed in Chinese yuan through ICICI Bank’s Shanghai branch.
Fact Check
The claim closely matches the wording and substance of Reuters’ article, "Exclusive: Indian refiners pay for Iran oil in yuan via ICICI Bank, sources say | Reuters," which explicitly states that Indian Oil and Reliance bought Iranian crude cargoes under a temporary U.S. sanctions waiver and that payments were made in Chinese yuan via ICICI Bank’s Shanghai branch. This is independently echoed by "Indian refiners pay for Iranian oil in yuan via ICICI - Reuters | Iran International," which reproduces the same Reuters-reported details. I found no fetched source contradicting these core facts.
Summary
No Summary provided as the original text is short
Terms & Concepts
- Sanctions waiver: An official exemption that temporarily allows transactions otherwise restricted under sanctions rules.
- Chinese yuan: China’s national currency, also known as renminbi, used here for cross-border settlement.
- Cross-border payment routing: The process of sending international payments through a specific bank branch or financial channel.