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Sanctions cloud: SBI avoids Russia oil bills
Mint Mumbai
|January 12, 2024
State Bank of India (SBI) has long avoided payment transactions for Russian oil bought by staterun refiners to avert US sanctions that came into force on 5 December 2022, two people aware of the matter said.
SBI, India's largest lender, is the authorized dealer bank for foreign transactions of staterun refiners. The sanctions of the US treasury department's Office of Foreign Assets Control on maritime transportation of the Russian Federation-origin oil took effect on 5 December 2022, and for seaborne transportation of petroleum products on 5 February 2023.
Indian banks operating in the US include SBI, Bank of Baroda and Bank of India. Mint earlier reported about OFAC (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) to prevent a breach of US sanctions by inadvertently processing payments for Russian oil purchased above the cap.
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