State Bank of India (SBI) has stopped processing transactions of Russian entities that have been sanctioned by the West over Moscow's invasion of Ukraine. To effect this, SBI has issued a circular as it fears that any transaction with entities or sectors under sanction will invite sanction on it as well.
No transactions involving entities, banks, ports or vessels appearing on a US, European Union or United Nations sanctions list would be processed irrespective of the currency of the transaction. Payments due to such entities have to be processed by other mechanism rather than through the banking channel. SBI operates a joint venture in Moscow called Commercial Indo Bank, where Canara Bank is another partner with 40 per cent stake.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
