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State Bank of India

State Bank of India

Industry: 
Banking
Symbol: 
LON:SBIQ
Country: 
India
Sources: 

"Indian refiners have turned to State Bank of India and Germany-based bank Europaeisch-Iranische Handelsbank AG (EIH) to speed payment of billions of Iranian oil dues they still owe to Tehran, after delays in another money route. Refiners in India, Iran's top oil buyer after China, last month resumed settling their back debt of about $6.6 billion after the lifting earlier this year of some of the sanctions against Tehran had opened up oil trade and banking channels. The first payments were handled in May by state-run Union Bank of India via Turkey's Halkbank, which had previously handled payments before tougher European sanctions were put in place in February 2013... So far this month, MRPL and IOC have cleared about $330 million through EIH, the refinery and government sources said. Essar Oil, however, Iran's biggest Indian client with about $3 billion in debt, has settled only $100 million, they said." (Reuters, “India begins settling Iran oil dues via Germany's EIH bank – sources,” 6/8/2016)

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"State Bank of India will take suitable precautions to avoid possible U.S. sanctions due to any dealings with the blacklisted Hamburg-based European-Iranian Trade Bank AG, a senior Indian finance ministry official said Wednesday. The official didn't say what precautions SBI would take to avoid any potential U.S. action. 'We can look at making the temporary arrangement more permanent if it works out. An Indian delegation will be visiting Tehran soon to discuss the issue,' he said. The official was responding to concerns about a temporary channel just opened by New Delhi and Tehran for oil-related transactions for January crude. Under the arrangement, described Tuesday by another senior Indian official, Indian oil companies will open accounts with state-run SBI, which will in turn deposit the payments for Iranian crude with European-Iranian Trade Bank, or EIH Bank." (Wall Street Journal, "India Bank Seeks Way to Avoid Iran Sanctions," 1/6/11) 

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According to the report, "Iran's Dirty Banking," by Avi Jorisch, the State Bank of India:

  • Conducts business with designated Iranian banks
  • Provides services to UN3 Iranian banks
  • Provide ACUs to Iran
  • Holds Iranian accounts
  • Operating in Iran
  • Conducts business with U.S. banks to service 'deficient' Iranian banks 

 

 

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