NEW DELHI: A top buyer of Russian oil is bracing for trading trouble as the price of Urals, the country’s main export grade, breaks through a $60-a-barrel cap set by Western nations to curb Moscow’s revenue.
India and China have been the two dominant buyers of Russian crude since the invasion of Ukraine more than a year ago prompted others to shun the OPEC+ producer. As Urals climbs above the limit set by the Group of Seven, however, importers will face greater scrutiny on their purchases.
Officials from three Indian refiners said they are preparing for tougher talks with local banks involved in the financing of their Russian oil cargoes, including a lot more requests for evidence verifying the purchase price.
