A letter sent by State Bank of India (SBI) to certain customers states that “any transaction involving entities, banks, ports or ships on the US, EU or UN sanctions list” will be processed irrespective of the currency of the transaction. will not be done. ,
SBI did not immediately respond to emails or calls seeking comment on the matter.
A senior SBI official said, “We have a significant international presence and need to comply with US and EU regulations as we are present in those jurisdictions and we cannot be seen as not complying with these rules. could.”
The invasion, which Moscow calls a “special operation” and the largest attack on a European state since World War II, was met with widespread condemnation and a series of sanctions.
India, which has deep trade and defense ties with Russia, has so far not publicly condemned its longtime ally but called for diplomacy and dialogue to end the violence and resolve the conflict.
SBI, in a letter to customers, also urged them to take “extra caution” while handling any transaction relating to approved countries.
Several prominent Indian corporate houses have deep ties with the state-controlled lender, which has a large network of overseas branches.
According to two senior sources in the energy industry, SBI has sought information from Indian oil companies about their exposure to Russia, including stake in Russian assets, funds received from Russia last year and the lenders involved in routing these transactions.
Indian Oil Corp, one of India’s top refiners, on Monday said it will no longer accept cargoes of Russian crude and Kazakh CPC blend cargo on free on board (FOB) basis due to insurance risk.
Apart from oil companies, Indian fertilizer companies also deal extensively with Russia for import of crop nutrients.
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