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No evidence of Indian companies bypassing Russian sanctions: US official

The Treasury Department official is on a multi-day visit to India, which will include meetings in the financial capital and New Delhi

Trade settlement: Govt says banks free to not deal with sanctioned entities

Press Trust of India Mumbai
The US Deputy Secretary of Treasury Wally Adeyemo on Wednesday said there is "no evidence" of Indian companies circumventing the sanctions imposed following Russia's invasion of Ukraine.
"I've seen no evidence of Indian companies circumventing sanctions that have been placed on Russia," Adeyemo told reporters during a visit to IIT-Bombay here.
He added that companies around the world, including those in India, the US and Europe, are taking the sanctions seriously and implementing them as well.
The remarks come days after reports quoted RBI Deputy Governor Michael Patra saying that the US is concerned over India being used to export fuel made from Russian crude in violation of sanctions imposed by Washington.
According to Patra, transfers of Russian crude are taking place on the high seas and the ships come to a port in Gujarat, where the oil is refined and shipped on.
Adeyemo also said that the coalition of the sanctions is broadening, with many countries joining.
The Treasury Department official is on a multi-day visit to India, which will include meetings in the financial capital and New Delhi.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 24 2022 | 2:01 PM IST

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