India’s HPCL faces challenges paying for Russian oil as banks baulk – co source

India’s state-run Hindustan Petroleum Corp is facing difficulties in paying for Russian oil imports following a Dec. 5 price cap imposed by Western nations as banks shy away from processing payments, a company official said on Tuesday.

While Western sanctions against Moscow are not recognised by India – and purchases of Russian oil may not violate them – banks and financial institutions are cautious about clearing payments so as not to unwittingly fall foul of the measures.