India's Largest Bank Refuses To Work With Rosneft Assets

This could be a wake-up call for the rest of the country's banks as well.

India's largest state-owned bank has stopped servicing the oil refining company Nayara Energy, which is controlled by Rosneft. The decision is due to the risks of falling under US and EU sanctions.

According to Indian publication The Economic Times.

The State Bank of India (SBI) has suspended payment processing for Nayara Energy, which is actually controlled by Rosneft.

"This decision was taken by the bank very recently after the introduction of US tariffs to ensure compliance with international rules. There were no government instructions, but each bank must decide for itself how to act in such situations, and SBI has made its choice," the interlocutor explained.

The new EU restrictions, together with the US tariffs, have significantly complicated the processing of the company's transactions. Experts believe that after SBI's decision, other Indian banks are unlikely to agree to cooperate with Nayar.

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