State-owned Indian refiner Hindustan Petroleum Corp Ltd (HPCL) refused to disclose the price of Russian oil, after which it had difficulty paying for raw materials due to a price cap previously set by the EU and G7 as part of anti-Russian sanctions. This was reported to Bloomberg by one of the top managers of the company on anonymous terms.
Now the company cannot find Western banks that are willing to process such payments, the source said.
Previously, HPCL paid for Russian oil in US dollars, UAE dirhams and Russian rubles, a company spokesman said. Payments in Indian rupees have not yet been made. At the same time, the problem with payments is unlikely to have a significant impact on oil supplies from Russia to India, since workarounds are currently being considered, the source assured. He did not disclose details of alternative schemes. As of March 31, HPCL processed 15 million tons of imported oil during the year, of which two million tons were purchased from Russia.
Earlier, the EC explained that restrictions on the supply of Russian oil products do not apply to oil products made from Russian oil abroad. In addition, the price ceiling does not apply to blends that include Russian oil products.
On February 5, the price ceiling began to operate: it is set at $100 per barrel for light oil products (including diesel fuel and gasoline) and $40 for dark ones.
