Bangladesh, April 17 -- Indian refiners have begun settling payments for Iranian crude oil in Chinese yuan, marking a significant shift in trade settlement practices driven by tightening sanctions constraints on Tehran and evolving global currency usage in energy markets. The transactions, reportedly routed through a private banking channel via Shanghai, come after a short-term waiver granted by the United States allowed limited crude imports from Iran to resume temporarily.

The development underscores the growing complexity of international oil payments under sanctions regimes, as well as the expanding role of non-dollar currencies in global commodity trade.

According to trade and industry sources, the United States issued a one-month ...