India’s Bank of Baroda stops clearing payment for above-cap Russian oilon April 4, 2023 at 2:30 pm

Reuters exclusively reported that India’s Bank of Baroda (BOB.NS) has stopped clearing payments for Russian oil sold above the price cap set by the West from this month, a move that could expedite transition to a rupee trade mechanism. Some Indian refiners were paying in the United Arab Emirates dirham currency for Russian low-sulphur crude priced above the $60 a barrel cap using Bank of Baroda, mainly to Dubai-based traders

The post <strong>India’s Bank of Baroda stops clearing payment for above-cap Russian oil</strong> appeared first on Reuters News Agency.

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