SBI seeks oil data to avoid sanction risk3 min read 26 Apr 2023, 11:36 PM IST
Given its large exposure to the US, SBI aims to avoid penalties
India’s imports of oil and petroleum products rose 30% to $209.6 billion in FY23, according to govt data
NEW DELHI : State Bank of India (SBI) is taking all measures to avoid violating US sanctions by inadvertently processing payments for Indian oil refiners that may have purchased Russian oil above the $60 per barrel price cap set by a US-led coalition. To mitigate the risk, India’s largest lender has requested data on purchasing prices from refiners such as Indian Oil Corp., Bharat Petroleum Corp. Ltd, and Hindustan Petroleum Corp. Ltd, two people familiar with the matter said.
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