Due to EU and US pressure: India’s largest bank stopped servicing Rosneft
Фото: з відкритих джерел
The State Bank of India, the country’s largest, has stopped processing payments for oil refining company Nayara Energy, which is run by Rosneft.
This was reported in the Indian publication The Economic Times, citing sources.
It is noted that the bank made this decision to avoid restrictions from the US and the European Union.
“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 guidelines, but each bank has to make a decision on how to address these issues, and SBI has done so,” the source explained.
Nayara Energy’s problems began last month, after it was placed on the EU sanctions list on July 18.
“The latest European sanctions, along with the US tariffs imposed in the aftermath, have made it difficult for Nayar to process transactions,” the source added.
It is believed that due to restrictions on cooperation with Nayara by India’s largest bank, SBI, it is unlikely that other lenders in the country will agree to work with it.
As a reminder, US President Donald Trump announced the introduction of new tariffs for India : from August 1, the country will have to pay 25%. He explained that India buys most of its military equipment from Russia and, together with China, is one of the largest consumers of Russian energy.
It is worth adding that Oil Minister Hardeep Singh Puri said that India will be able to meet its oil needs from alternative sources if Russian supplies are cut off by US sanctions.
It was previously reported that India temporarily suspended plans to purchase American weapons and aircraft after the introduction of new tariffs by the Donald Trump administration.
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