Insta
SBI Halts Trade With Sanctioned Russian Entities: Report
State Bank of India
The State Bank of India (SBI) will not be processing any transactions that involve Russian entities due to the sanctions imposed on Moscow amid their ongoing war with Ukraine.
“No transactions involving entities, banks, ports or vessels appearing on a US, European Union or United Nations sanctions list shall be processed irrespective of the currency of the transaction,” a letter circulated by SBI to some clients read, as reported by Reuters.
“We have a significant international presence and we need to comply with U.S. and EU regulations as we are present in those jurisdictions and we cannot be seen as not adhering to these rules,” a senior executive of India’s top lender explained.
SBI has also appealed to its clients to practice ‘extra precautions’ whilst handling transactions linked to sanctioned countries.
Meanwhile, the state-run bank has asked for further details from the Indian oil companies regarding their Russian connections. This includes information about their stakes in Russian assets, funds that they obtained from Moscow in the previous year and also the lenders that routed those transactions.
Indian fertiliser companies are largely involved in trades with Russia for the imports of essential crop nutrients as well.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
