New Delhi: SBI, the country's largest public sector bank, has suspended its dealings Russian entities in line with Western-imposed sanctions following Russia's invasion of Ukraine. SBI said in a circular that it had taken severe action because it feared that it would face sanctions if it continued to deal with such companies.

Russian companies that have been included in sanctions by the United Nations, the European Union and the United States will not be dealt with. Apart from companies, banks and ports do not deal with any of the embargoed companies. The circular also states that the transaction will not be considered in any currency.

The circular also states that they will look for other ways besides the banking channel to complete the transactions. SBI is running a joint venture called Indo Bank in Commerce, Moscow of which Canara bank is also a partner. Canara Bank holds a 40 per cent stake in this venture.

The bank has also urged customers to exercise caution while dealing with Russian entities.

Indian Oil Corp, said on Monday it would no longer accept cargoes of Russian crude and Kazakh CPC Blend cargoes on a free on board (FOB) basis due to an insurance risk.