Free Trial

Indian Banks To Not Handle Payments Of Russian Oil Above $60/bbl

OIL

State Bank of India and Bank of Baroda informed refiners they will not handle payments for Russian oil bought above the $60/bbl price cap, a refinery executive said.

  • Indian banks are keeping a closer watch on prices at loading ports, before shipping and logistics costs are added, executives said.
  • Urals delivered to India have been priced well above the $60/bbl price cap according to Argus pricing data. The delivered price of the grade to India’s west coast, including shipping costs, was more than $73/bbl as of 6 April.
  • The spread between Russian Urals and the Brent crude benchmark has been narrowing gradually according to Russia’s Deputy Finance Minister Vladimir Kolychev.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.