US Treasury officials warned Indian banks on Wednesday that financial institutions doing business with Russia’s military industrial base risk losing access to the US financial system, Deputy Treasury Secretary Wally Adeyemo wrote to the Indian Banks Association via Reuters. said in a letter. “We know that the Russian military depends on the import of sensitive goods such as machine tools and microelectronics, and it looks to foreign financial institutions to facilitate these transactions. While the letter did not identify any specific concerns about India’s banks, New Delhi has resisted pressure to distance itself from Moscow after Russia invades Ukraine in 2022, and Prime Minister Narendra Modi After meeting with President Vladimir Putin this month, he said he was looking for ways. to do this. The letter encouraging its exports to Russia follows an executive order issued by US President Joe Biden in December, authorizing sanctions against foreign financial institutions doing business with Russia’s military industrial base, and the Treasury’s There is a recent, detailed description of who is part of Russia’s military industrial base. The Banks Association of India could not be immediately reached for comment.