OPEC member countries and their allies intend to increase oil prices, but this will automatically lead to a rise in the price of Russian crude oil. At the same time, Indian banks are worried because they fear that the cost of Russian oil may exceed the limit of $60 per barrel, Bloomberg writes..

State Bank of India and Bank of Baroda have warned refiners that they will not process payments for oil purchased above the limit. This was told by the head of the refinery, which is involved in the search for financing for the purchase of Russian oil..

According to the source, Indian banks are "

Banks require pricing details to ensure prices are at or below $60 a barrel. This level exempts from European Union sanctions prohibiting the use of shipping, banking and insurance from bloc members.

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Recall that over the past year, India and China have become the main buyers of Russian oil.. However, these countries are not ready to take risks in order not to fall under Western sanctions..