Indian Refiners Use Yuan Payment Via ICICI Bank for Iran Oil

Indian refiners paid for Iranian oil in Chinese currency through ICICI BanK Ltd. for cargoes bought during the 30-day sanction waiver given by the US, according to people familiar with the matter.

All purchases of Iranian oil will cease after the waiver expires, said the people, who asked not to be identified as the information is private. The waiver period, which started on March 20, is due to lapse on Sunday. The Trump administration said it won’t renew it.