India’s Bank of Baroda stops clearing payment for above-cap Russian oil

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