India's Largest Bank Refused To Make Payments For Russian Oil

Despite the indulgences from Trump.

The Donald Trump administration has granted India temporary permission to buy Russian oil in the wake of the crisis caused by the halt in Gulf exports. But it is not certain that Russian suppliers will be able to easily get paid for their oil. State Bank of India (SBI), the country's largest by assets, is not ready to process payments for it because it is not sure how long the exemption granted by Washington will last, writes The Moscow Times.

The state bank's management believes that engaging in such transactions could expose it to risks, given SBI's large international business, as well as damage its reputation, people familiar with the situation told Bloomberg. They said SBI stopped any servicing of Russian oil deals after the United States imposed sanctions on Rosneft and Lukoil in late October.

The U.S., which also agreed with India to stop its purchases of Russian crude, last week allowed imports to resume for a month because of the crisis triggered by the attacks on Iran. U.S. Treasury Secretary Scott Bessent emphasized that India can only buy crude that has already been exported from Russia and stored in tankers. During a teleconference on Monday of G7 finance ministers, the US "emphasized" that the decision on India was "very limited in both time and scope of measures," European Commissioner for Economic Affairs Valdis Dombrovskis said.

He added at a news conference after the ministers convened, "They [the US] do not expect this to have a significant impact on Russia's oil revenues."

Although the SBI refuses to process payments for Russian oil, some Indian banks late last year were willing to consider making them - provided the oil was supplied by non-blacklisted Russian companies and all sanctions were respected, Bloomberg sources said earlier.

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