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State Bank of India has announced that it will no longer be processing any transactions that involve Russian entities owing to international sanctions imposed on Russian following its invasion of Ukraine. A letter issued by the State Bank of India to certain clients states that No transactions involving entities, banks, ports, or vessels appearing on a European Union, the United States, or United Nations sanctions list would be processed irrespective of the currency of the transactions.
The Senior SBI executive said that SBI has a significant international presence and they have to comply with the United States and European regulation as they are present in those jurisdictions and thus, they have to adhere to the rules.
State Bank of India in the letter has advised certain clients to take extra precautions while handling any transactions related to sanctioned countries. Indian Oil Corp, India’s leading top refiners have announced that it would no longer accept cargoes of Russian crude and Kazakh CPC Blend cargoes on a “Free on Board” on the grounds of insurance risk.
