The drive by OPEC and its allies to spice up oil costs is lifting Russian crude together with it, prompting considerations from India’s banks that cargoes might breach the $60-a-barrel cap.

State Bank of India and Bank of Baroda knowledgeable refiners they won’t deal with funds for oil purchased above the restrict, stated a refinery government concerned in searching for financing for the corporate’s Russian oil purchases, who requested to not be recognized as he isn’t approved to talk publicly. Banks within the South Asian nation are maintaining a better watch on costs at loading ports, earlier than delivery and logistics prices are added, executives stated.