State Bank of India, which was handling most of the payments to Iran for oil purchases, is now complying with the US sanctions against Tehran, its chairman said on Monday.
"We are an international bank. We are based in USA. And for a bank which is present in USA we will act strictly in accordance with the sanctions... We will comply with the sanctions," SBI Chairman Rajnish Kumar told a news conference.
Reuters in June reported that SBI would stop handling payments from Iran oil purchases from November, when stringent US sanctions against Tehran will kick in.
The United States reimposes oil and financial sanctions against Iran on Monday, significantly turning up the pressure on Tehran in order to curb its missile and nuclear programs and counter its growing military and political influence in the Middle East.