India's top lender, State Bank of India(SBI) 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 U.S., 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.
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