India Oil Refiner Faces Russian Payment Issues Due to Price Cap
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India’s state-owned refiner Hindustan Petroleum Corp Ltd is facing payment issues for its purchases of Russian crude oil due to a price cap imposed on exports from the OPEC+ producer.
The refiner is unwilling to declare its buying price for Russian crude, and that’s making it difficult for the company to find western banks willing to process such payments, said a company executive on Tuesday, who declined to be named as he isn’t authorized to speak publicly.