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RBI convicts a bold move to not process any transaction of Russian entities in discipline of international sanctions imposed on Russia after the invasion of Ukraine, according to the letter seen by Reuters and people familiar with the matter.

“No transactions involving entities, banks, ports or vessels appearing on a US, European Union or United Nations sanctions list shall be processed irrespective of the currency of the transaction,” said in a letter sent by the State Bank of India (SBI) to certain clients.

A senior SBI executive stated, “We have a significant international presence and we need to comply with US and EU regulations as we are present in those jurisdictions and we cannot be seen as not adhering to these rules.”

SBI quoted “extra precautions” will be taken while processing any transactions related to sanctioned countries.

India shares deep bonds and ties with Russia, and in a present scenario India has not publicly condemned its long-standing ally, but has called an end to violence and standed for diplomacy and dialogue to resolve the conflict.

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