MUMBAI: The country's best lender State Bank of India (SBI), which used to be dealing with most of the payments to Iran for oil purchases, is now complying with the USA sanctions against Tehran, its chairman mentioned on Monday.
"We are an international bank. We are based in USA. And for a bank which is present in USA we will act strictly in accordance with the sanctions... We will comply with the sanctions," SBI chairman Rajnish Kumar told a news conference.
Reuters in June reported that SBI would forestall dealing with payments from Iran oil purchases from November, when stringent US sanctions against Tehran will kick in.
The United States reimposes oil and fiscal sanctions against Iran on Monday, considerably turning up the pressure on Tehran with the intention to curb its missile and nuclear programs and counter its growing military and political influence in the Middle East.
"We are an international bank. We are based in USA. And for a bank which is present in USA we will act strictly in accordance with the sanctions... We will comply with the sanctions," SBI chairman Rajnish Kumar told a news conference.
Reuters in June reported that SBI would forestall dealing with payments from Iran oil purchases from November, when stringent US sanctions against Tehran will kick in.
The United States reimposes oil and fiscal sanctions against Iran on Monday, considerably turning up the pressure on Tehran with the intention to curb its missile and nuclear programs and counter its growing military and political influence in the Middle East.
SBI says complying with US sanctions against Iran
![SBI says complying with US sanctions against Iran]()
Reviewed by Kailash
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November 06, 2018
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