Brief by Shorts91 Newsdesk / 07:26am on 18 Apr 2026,Saturday India Global
Indian refiners have resumed limited imports of Iranian crude after seven years, using the ICICI Bank to settle payments in Chinese yuan via its Shanghai branch, according to reports. The move follows a temporary US sanctions waiver amid supply disruptions linked to the US-Iran conflict. Indian Oil Corporation reportedly bought 2 million barrels, while Reliance Industries has handled additional cargoes. India, the world’s third-largest oil importer, is navigating sanctions constraints and payment hurdles. The yuan-based mechanism reflects a pragmatic workaround to maintain energy security while balancing geopolitical risks and compliance uncertainties. (PC: Times Now)
