SBI refuses LCs for Iran oil
Business Standard

Days after the Reserve Bank of India (RBI) clamped down on the main conduit Indian companies use for paying Iranian oil, State Bank of India (SBI) has refused to facilitate payments through an alternate temporary channel, a move that can halt import of oil from Iran.

SBI has refused to issue fresh Letters of Credit (LCs) to public and private sector refiners who import some 12 million barrels of crude oil from Iran every month, an official with the nation’s largest lender said.

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