INSUBCONTINENT EXCLUSIVE:
State Bank of India has decided not to transact with Russian entitiesNEW DELHI/MUMBAI: India's top lender State Bank of India (SBI) will
not process any transactions involving Russian entities subject to international sanctions imposed on Russia after its invasion of Ukraine,
according to a letter seen by Reuters and people familiar with the matter."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, said
be seen as not adhering to these rules," said a senior SBI executive.The invasion, which Moscow calls a "special operation" and which is the
biggest assault on an European state since World War Two, was met with widespread condemnation and an array of sanctions.India, which has
deep trade and defense ties with Russia, has so far not publicly condemned its long-standing ally, but has called for an end to violence and
for diplomacy and dialogue to resolve the conflict.SBI in the letter to clients also urged "extra precautions" while handling any
transactions related to sanctioned countries.Many major Indian corporate houses have deep links with the state-controlled lender, which has
a large network of overseas branches.SBI has also sought information from Indian oil companies about their exposure to Russia including
stakes in Russian assets, funds received from Russia in the last year and lenders involved in routing these transactions, according to two
senior energy industry sources.One of India's top refiners, Indian Oil Corporation, said on Monday it would no longer accept cargoes of
Russian crude and Kazakh CPC Blend cargoes on a free on board (FOB) basis due to insurance risk.Apart from oil companies, Indian fertiliser
companies also deal extensively with Russia for imports of crop nutrients.(Except for the headline, this story has not been edited by
TheIndianSubcontinent staff and is published from a syndicated feed.)
