OREANDA-NEWS  The Indian state-owned company Hindustan Petroleum faced a problem when paying for the purchased Russian oil in connection with the sanctions of Western countries that came into force on December 5 last year. A representative of the company told Reuters about this.

According to him, many banks refuse to make payments in order not to expose themselves to the risk of falling under secondary sanctions provided for by the oil price ceiling.

Currently, according to another agency interlocutor, the company is looking for reliable alternative banking channels in order not to rely on Western or local, but under the influence of the United States, financial organizations.

Under the conditions of the European embargo, India has become one of the key oil markets for Russia. At the same time, local refineries buy raw materials at a price below $ 60 per barrel, which is set as a ceiling by the United States and its allies. This policy allows them to access Western insurance and transportation.

Earlier, Bloomberg oil strategist Julian Lee warned that Russia's own fleet of tankers would not allow it to fully circumvent Western sanctions. In order to maintain exports in a comparable volume, you will still have to attract European vessels and fulfill the price ceiling requirement.