Indian refiners are reportedly settling rare cargoes of Iranian oil purchased under a temporary US sanctions waiver using CNY through ICICI Bank

This development suggests that Indian refiners are circumventing traditional dollar settlements for Iranian oil, potentially indicating a growing reliance on the Chinese yuan in global energy transactions. Given the ongoing tensions around US sanctions, this move could signal a shift in trade dynamics and has implications for USD dominance in energy markets and the broader geopolitical landscape. Watch for potential reactions in energy prices and currency markets as this could set a precedent for other nations dealing with similar sanctions.