SBI Stops Handling Trade With Sanctioned Russian Entities: Report

Ukraine-Russia crisis: State Bank of India (SBI) in the letter to clients also urged "extra precautions" while handling any transactions related to sanctioned countries, Reuters reported

India's top lender 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 a letter sent by State Bank of India (SBI) to certain clients.

SBI did not immediately respond to emails or calls seeking comment on the matter.

"We have a significant international presence and we need to comply with US and EU regulations as we are present in those jurisdictions and we cannot be seen as not adhering to these rules," said a senior SBI executive.