SBI halts transactions process of Russian entities sanctioned by West

New Delhi, Mar 4 (KNN) The State Bank of India (SBI) has stopped the transactions processing of Russian entities on whom sanctions are imposed by the West over its invasion of Ukraine.

According to the bank circular, it has made this decision in order to avoid sanctions on the bank itself for dealing with Russian entities or sectors under sanctions.

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, said the media reports.

Commercial Indo Bank Llc in Moscow is a joint ventured operated by SBI and Canara Bank, where the latter has 40 per cent stake.

Last week, the G-7 imposed punitive sanctions against the Russian central bank and have also decided to remove Russian banks from the SWIFT inter-banking system. (KNN Bureau)