Indian refiners have started making payments in Chinese yuan for Iranian oil, facilitated by ICICI Bank, amidst a temporary waiver from US sanctions. This comes as the US has allowed certain countries to purchase oil from Iran and Russia to stabilize global energy markets affected by ongoing conflicts. Notably, the Indian Oil Corporation made its first purchase of Iranian crude in seven years, securing two million barrels worth $200 million. The Indian government has stated that these transactions comply with regulations, emphasizing the importance of meeting domestic energy needs. Despite the geopolitical tensions affecting oil prices globally, India has managed to navigate the situation with fewer disruptions than other Asia-Pacific nations. The US waiver on Iranian oil is expected to lapse soon, raising concerns about future purchases.