India's Top Bank Avoids Russian Oil Payments Despite U.S. Sanctions Waiver

State Bank of India, the largest lender in the country, continues to shun processing payments for purchases of Russian oil despite the temporary U.S. waiver for India to buy Russia’s crude stashed in floating storage in Asia, sources with knowledge of the situation have told Bloomberg. State Bank of India (SBI) is unwilling to risk its reputation amid uncertainties about how long the waiver, currently for one month, would last. The top Indian bank also looks to protect its large exposure to the U.S., according to Bloomberg’s anonymous…