New Delhi: SBI has suspended financial transactions with Russian companies. The move by SBI, the country's largest bank, comes in the wake of international sanctions imposed after the occupation of Ukraine.

Reuters reports that SBI has suspended all transactions involving banks, ports and institutions. India is a major trading partner of Russia. India imports fuel, mineral oils, pearls, nuclear reactors, machine parts and fertilizers.

It also exports pharmaceutical products and chemicals from India. All this will be banned with the action taken by SBI.