India REJECTS U.S. Dollar? Buys Iranian Oil In Chinese Yuan For The First Time In 7 Years

India is reportedly moving in a new direction in its crude oil trade with Iran, using Chinese yuan for payments in a rare development after several years. According to recent reports, Indian refiners have resumed purchases of Iranian crude oil, with transactions being routed in yuan through inte ational banking channels. This marks a notable shift from traditional dollar-based settlements that have long dominated global energy trade. The move comes amid a temporary U.S. sanctions waiver window and ongoing global efforts to stabilize oil prices. Indian Oil Corporation and Reliance Industries have been among the key buyers involved in these shipments, according to sources. Reports also suggest that a significant portion of payments is being processed through structured trade mechanisms linked to overseas banking channels, highlighting evolving financial routes in global oil trade. While analysts view this as part of broader diversification in energy payments, questions remain about how long such arrangements will continue once sanctions waivers expire. This video explains the development, its background, and what it could mean for global oil markets.