InvestorQ : How are Indian banks reacting to the Russian sanctions?
Tisha Malhotra made post

How are Indian banks reacting to the Russian sanctions?

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Aashna Tripathi answered.
1 month ago
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Indian banks are finally bending to the Western pressure and this was evident after HDFC Bank and a slew of foreign banks stopped offering trade credit for oil imports to Nayara Energy. Nayara is 49% owned by Rosneft of Russia, which is a sanctioned company. Nayara imports crude worth $1 billion monthly for its 400,000 bpd Vadinar refinery in Gujarat. Banks stopped opening and confirming LCs, a standard form of payment guarantee in oil.

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