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State Bank Of India Stops Transactions With Russian Entities

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3 years ago

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State Bank Of India Stops Transactions With Russian Entities

New Delhi/Mumbai: State Bank of India (SBI), India’s largest lender, will not complete deals with Russian companies subject to international sanctions imposed by Russia, according to a letter seen by Reuters and people familiar with the intrusion imposed on him by Ukraine.
According to a letter SBI sent to certain clients, “transactions with any US, EU or UN sanctions list-listed organisations, banks, ports or ships will not be processed, regardless of the currency of the transaction”.

SBI did not immediately respond to emails or calls seeking comment on the matter.

“We have a significant international presence and must comply with US and EU regulations because we operate in these jurisdictions and we cannot assume that we do not comply with these rules,” said a senior SBI executive.

Dubbed a “special operation” by Moscow, the invasion was the largest attack on a European country since World War II and drew widespread condemnation and a slew of sanctions.

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India, which shares close trade and defense ties with Russia, has so far not publicly condemned its longtime ally, instead calling for an end to the violence and a solution to the conflict through diplomacy and dialogue.

SBI’s letter to clients also called for “extra precautions” when dealing with sanctioned countries.

Many of India’s largest companies are closely linked to the state-owned bank, which has a vast network of overseas offices.

According to two senior energy industry sources, SBI also obtained information from Indian Oil Corporation about its involvement in Russia, including interests in Russian assets, funds received from Russia last year and lenders involved in facilitating the deals.

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Indian Oil Corp, one of India’s largest refiners, said on Monday it would no longer accept cargoes of a blend of Russian crude and Kazakhstan CPC on a free-on-board (FOB) basis due to insurance risks.

Apart from oil companies, Indian Fertilizer Corporation also trades extensively with Russia to import fertilizers.

Complete News Source : NDTV

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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20 hours ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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