Russia-India Trade Soars

05 Sep 2024 CW Team

Russia?s trade with India is flourishing, with bilateral payments progressing smoothly, according to Anatoly Popov, deputy CEO of Sberbank. The bank, which manages up to 70% of Russian exports to India, reported that trade nearly doubled to $65 billion in 2023. India has become a major importer of Russian oil following Western sanctions over the Ukraine conflict.

Popov highlighted a significant increase in Russian interest in the Indian market since 2022, noting that India serves as a key alternative market. Despite Western sanctions that restrict Sberbank?s access to U.S. dollars and euros, and its exclusion from the SWIFT system, transactions between Russia and India remain trouble-free. The bank's Indian branches in Delhi, Mumbai, and an IT center in Bangalore have seen a 150% increase in staff this year, reflecting the growing business.

Sberbank?s operations in India are not restricted, and transactions in rupees and roubles are processed efficiently, with 90% completed within hours. This is a sharp contrast to the delays experienced with other trading partners, such as China. Popov mentioned that the issue of a rupee surplus, which had impacted trade in 2023, has been resolved. However, he stressed the need for India to significantly increase its exports to Russia to balance trade further.

Popov praised India?s self-sufficiency and capacity to meet Russian import needs. Sberbank is also expanding its range of financial products, including rupee-denominated loans and hedging instruments. He expressed gratitude to Indian regulators for facilitating operations through rupee-denominated "vostro" accounts, which streamline transactions.

Overall, Popov emphasized that the current mechanism for converting roubles and rupees is functioning effectively and supports increased transparency in trade.

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