Russia sanctions: RBI, banks huddle up to draw strategy

Wednesday, 2 March 2022newsdesk

The Reserve Bank of India (RBI) is likely to take stock of the situation arising from the sanctions announced by the US and many other countries on Russia and work out suitable measures to be followed by commercial banks in the coming days.

New Delhi, 02 March 2022

As per news report of The Indian Express, Members of the Indian Banks’ Association have already discussed the impact of the sanctions on Indian banks. Finance Ministry officials are also watching the developments closely and are in touch with the RBI and top lenders. Banks, led by SBI, have already indicated that they will not process any transactions involving Russian entities subject to international sanctions imposed on Russia after its invasion of Ukraine. However, while ongoing transactions will not be affected, fresh transactions will remain on hold, banking sources said. India exported $3.33 billion worth of goods to Russia in 2021, including goods like pharmaceutical products, tea and coffee. When contacted, SBI did not comment on the developments.

Source - The Indian Express