Is the dollar's reign in the global economy coming to an end? 🇮🇳🇮🇷🇨🇳

A major change in oil trade between India and Iran—now payments will not be in dollars but in Chinese 'yuan'!

A big news has emerged from the field of global politics and economics. According to sources, Indian refineries have adopted a new payment method for purchasing crude oil from Iran. Despite the challenges of US sanctions, these payments are now being made in the Chinese currency 'yuan'. These payments are being made through Mumbai's ICICI Bank, which is routed through the bank's Shanghai branch.

Indian Oil Corporation has recently purchased 2 million barrels of Iranian oil worth about $ 200 million. It may be recalled that this is the first major deal of its kind in the last seven years.

Washington had last month granted a temporary 30-day concession to stabilize prices, taking advantage of which India ensured the delivery of oil at sea.

* **Global implications:** Many buyers were hesitant due to ongoing trade tensions between the US and Israel and sanctions on Iran, but India's decision to pay in 'yuan' is being hailed as a major step towards finding an alternative to the petrodollar.

Strategic experts say that this financial transaction between India and Iran indicates the formation of new economic blocs in the region.