The State Bank of India and the Bank of Baroda of India have notified local refiners that they will not be able to process payments for Russian oil purchased at a price exceeding $60. It is reported by Bloomberg, citing sources in the companies.
The decision of OPEC to reduce oil production led to an increase in oil prices. Russian crude oil Urals is now trading above $60. This runs counter to the EU's decision to impose a price ceiling on oil products that Russia transports by sea in tankers.
The ban applies not only to EU countries. The countries that have joined it prohibit European and foreign companies from transporting and insuring Russian raw materials. If this requirement is not met, both individuals and companies involved in such transactions may fall under Western sanctions.
India and China have become key buyers of Russian oil after most Western countries have abandoned it. Russia sells it to these countries at a substantial discount .