Indian buyers for Russia's oil are drowning in price-cap paperwork and that could hit Moscow's sales, report says

• Indian buyers of Russian oil are struggling to handle the paperwork needed by the G7 price cap, per Bloomberg.
• The checks are slowing down transactions and threaten to drag on Moscow's crude sales to India.
• Russia's exports to India rose after sanctions forced it to find replacements for its European market.

Indian buyers for Russia's oil are drowning in sanctions-related paperwork, and that means Moscow's crude sales could take a hit, Bloomberg has reported. 

Refiners in India now have to present documents to prove the Russian oil they're importing complies with the $60-a-barrel price cap imposed by the G-7 countries in December. The measures restrict providers of shipping services such as insurance from dealing with Russian cargoes priced above that level.