New Delhi, India.
Bank of Baroda has stopped processing payments for Russian oil sold above price caps set by Western countries starting this month, a report by Reuters said.
The G7 economies, the European Union and Australia set a price cap late last year, banning the trade of Russian oil with Western services unless sold at a forced low price, depriving Moscow of Russian oil revenue due to Ukrainian conflict.
Reuters reported that the price cap is being strictly followed by the bank starting from this month.
We will update if there's any follow up updates from the Bank officials.