India's largest bank still refuses to process Russian oil payments due to risk concerns

Golden Ten Data, March 10 - According to foreign media reports, informed sources revealed that despite the US government having issued a temporary waiver for India to import Russian oil, the State Bank of India, the country's largest bank, is still reluctant to process related payments because it is uncertain how long this concession will last. The bank believes that participating in such business could expose it to risks, as it holds a considerable loan portfolio in global markets and it could also damage its reputation. This stance highlights that the short-term relaxation of US sanctions has done little to restore financial channels supporting India's purchase of Russian oil. According to sources, since the US announced sanctions on Russia's two major crude oil producers last October, the State Bank of India has avoided facilitating any transactions related to the import of Russian oil.