Russia Ukraine Crisis: The crisis around the world is increasing due to the Russo-Ukraine war. Countries all over the world are imposing sanctions on Russia. Now India’s top state-run bank State Bank of India (SBI) has also taken a big step in this matter. SBI will not conduct any transaction with banned Russian entities. Viewed by Reuters and people associated with the matter This information has been given on the basis of a letter sent.
SBI has sent a letter to some of its customers in this matter. According to the letter, SBI has said that “any transaction involving entities, banks, ports or vessels that are on the US, European Union or UN sanctions list” will not be completed irrespective of the currency of the transaction.
No reply from bank
According to Money Control, SBI did not immediately respond to emails or calls seeking information on the matter. A senior SBI official said, “We have a significant international presence and being under their jurisdiction, we need to comply with US and EU regulations. We cannot be seen as not following these rules.”
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The invasion of Ukraine, which Moscow calls a “special operation”. It is the largest attack on a European state since World War II. This was followed by widespread condemnation and a series of sanctions.
Urges to take “extra caution”
India, which has deep trade and defense ties with Russia, has so far not publicly condemned its longtime ally Russia. But India has 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” during any transaction relating to restricted countries. Many leading Indian corporate houses have deep ties with this state-run bank, which has a large network of overseas branches.
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India’s big business with Russia
According to two senior energy industry sources, SBI has sought information from Indian oil companies about their exposure in Russia including stake in Russian assets, funds received from Russia last year and lenders involved in routing these transactions.
Indian Oil Corp, one of India’s top refiners, on Monday said it will no longer accept Russian crude and Kazakh CPC blend cargoes on freon on board (FOB) basis due to insurance risk. On the other hand, apart from oil companies, Indian fertilizer companies also trade extensively with Russia for import of crop nutrients.
Tags: India russia, Russia ukraine war, SBI Bank, War
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