Indian refiners are increasingly using Chinese yuan to pay for Iranian oil, facilitated by ICICI Bank in Mumbai. This development follows a temporary waiver of US sanctions allowing the purchase of Iranian oil, which is set to expire soon. The Indian Oil Corporation (IOC), the largest refiner in India, recently acquired 2 million barrels of Iranian crude oil aboard the very large crude carrier Jaya, valued at approximately $200 million. This purchase marks IOC's first acquisition of Iranian oil in seven years, highlighting a shift in India's approach to Iranian crude amidst geopolitical pressures. Payments are processed through ICICI Bank's Shanghai branch, which routes funds in yuan to the sellers. This unusual arrangement allows Indian refiners to navigate the complexities of international sanctions, as they have also utilized yuan for settling Russian oil purchases. The IOC reportedly paid 95% of the cargo's value upon the supplier's notice of readiness, a departure from the typical payment process for sanctioned oil. Despite this purchase, IOC does not plan any further Iranian oil acquisitions, as the US waiver is set to lapse soon, potentially complicating future transactions.