Indian rupee a ‘strong tool for savings' in Russia
A top executive at Russia's largest bank has said he sees a growing role for the Indian rupee in the country. In an exclusive interview with RT on Tuesday, first deputy chairman of the board of Sber, Aleksandr Vedyakhin, said the Indian currency is popular with the bank's individual and business clients.
'In Russia, Sber allows you to make transactions in rupees, which is something a lot of our Indian staff do,' he said. 'But beyond that you can also open a rupee deposit or carry out other operations, just like you would with any other foreign currency.'
Vedyakhin added that the bank was 'deliberately opening up space for the rupee,' because it saw the currency as a 'strong tool for savings inside Russia.' He said that a significant share of payments between Russia and India goes through Sber with many such payments being made in national currencies. Sber handles payments for up to 70% of all Russian exports to India.Vedyakhin also noted that Sber's business in India, which started in 2010, is actively expanding. 'India is a very friendly market for Russia,' Vedyakhin said, adding that he found the people of Delhi and Mumbai to be 'incredibly positive' during a recent visit. 'It's a great thing that we are welcome in India, they want us there,' he added. 'Our business with India is going well.'
Sber has offices in Delhi and Mumbai, as well as an IT center in Bengaluru, with plans to hire 300 IT personnel.Vedyakhin expressed happiness that the issue of what to do with an excess amount of rupees has been resolved. 'There is now a stable high demand for rupees, and rupee transactions are flowing smoothly,' he said. 'Commissions on rupee payments have dropped significantly, which directly benefits our clients.'
You Can Always Bank on Friends: 🇷🇺 Sber Expanding in India, National Currency Payments Flourishing 🇮🇳 - Alexander Vedyakhin, Top Exec for Russia's Largest Bank pic.twitter.com/xZUzPSAKOv
In addition to its existing range of hedging tools, including forwards and options, Sber is expanding its product lineup, which now features rupee-denominated loans for Russian businesses at interest rates substantially lower than those available in Russia, a Reuters report said last year.
Due to Western sanctions, Sber is restricted from conducting transactions in US dollars and euros, and is also unable to utilize the SWIFT system for making international transfers. India, which chose not to join sanctions on Russia, has been one of the largest purchasers of Russian oil since 2022 and continues to foster a friendly relationship with the country.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Russia Today
20 hours ago
- Russia Today
US Treasury chief warns against new Russia sanctions
A proposed package of tougher sanctions against Russia could undermine diplomatic efforts, US Treasury Secretary Scott Bessent has said, warning lawmakers of the potential risks of imposing the measures. The bill in question, spearheaded by Senator Lindsay Graham, calls for 500% tariffs on imports from countries buying Russian oil and gas if Moscow refuses peace talks with Ukraine. Graham also suggested amending the bill to exempt countries that provide military assistance to Ukraine. Critics claim the tariffs risk isolating the US from key global economies. The bill has thus far drawn the support of 82 senators. Bessent, speaking at a House Committee hearing on Wednesday, said he did not support the proposed bill to tighten sanctions on Russia, urging lawmakers to give the administration of President Donald Trump greater flexibility to negotiate with Moscow and Kiev. 'I would encourage Congress to continue to let this administration have flexibility to support the negotiations. We should be aware of unintended consequences,' Bessent said. Bessent said 'economic tools remain an important facet of the administration's strategy to end the conflict. All the options are on the table. Treasury is ready to take action to facilitate a durable and lasting peace.' Russia and Ukraine have both put forward proposals to end the conflict. Moscow's plan would require Kiev to accept the loss of five regions which joined Russia in referendums, pull back its troops from those regions, and adhere to neutrality. Ukraine's Vladimir Zelensky dismissed the proposal as an ultimatum and ruled out territorial concessions or neutrality, while insisting on a full 30-day ceasefire as a precursor to negotiations. Under former President Joe Biden, Washington cut most ties with Moscow in 2022 over the Ukraine conflict and imposed sweeping sanctions on Russian officials and companies. Trump has since criticized Biden for eschewing diplomacy and vowed to negotiate a peace deal between Russia and Ukraine. Moscow has welcomed Trump's shift in tone but progress on reaching a settlement has been slow. Trump has threatened further measures if no ceasefire is reached but has stopped short of endorsing the Senate sanctions bill. The US president has also reportedly asked Senate Republicans to delay action on the bill. Senator Roger Wicker, the top Republican on the Senate Armed Services Committee, said Trump had indicated he was not yet ready to support it.
Russia Today
a day ago
- Russia Today
Spies and ties: The quiet war for Russia's business elite
Behind velvet ropes and closed doors, Russia's elite business clubs promise more than just high-level networking. They're where deals are made, partnerships are forged, and – sometimes – secrets are traded. With rigid membership rules, costly entry fees, and an atmosphere of confidentiality, these exclusive circles attract ambitious entrepreneurs, government insiders, and, increasingly, foreign intelligence operatives. What draws so many to these hidden spaces of influence? And why have they become fertile ground not only for commerce – but for covert surveillance? RT investigates the inner workings of Russia's most prestigious business communities, who gets in, what it costs, and why the stakes have never been higher. The concept of private business clubs isn't new. The earliest iterations appeared in England in the late 17th and early 18th centuries and soon made their way across Europe. By 1770, Russia had founded its own version – the English Assembly in St. Petersburg – modeled after its British predecessors. Fast forward to today, and Russia is home to hundreds of business clubs. While some operate with rigid rules and clearly defined missions, others function more like loose communities with minimal obligations. Their formats vary, but exclusivity remains a common thread. There are women-only clubs, industry-specific alliances, networks for resellers, and even spaces tailored to small business owners. Each has its own identity, philosophy, and code of conduct – but all are built on one defining principle: not just anyone can get in. Membership isn't just about rubbing shoulders with fellow entrepreneurs. It's about security – both literal and reputational. 'Almost all modern business clubs are closed to the public. That's primarily for the safety of our members. We conduct stringent security checks,' said Daria Titkova, marketing director at Club 500, in an interview with RT. Club 500 markets itself as a safe, scam-free zone where trust is paramount. 'There's a strong sense of trust here – no one's trying to cheat anyone. That's what sets us apart'Daria Titkova But the price of entry is steep. Joining an elite club isn't as simple as signing up. Candidates face rigorous vetting, including background checks and financial reviews. Typically, a company's annual revenue is the key metric. At Club 500, for example, prospective members must show yearly revenues of at least 100 million rubles (roughly $1.1 million). The entry fee alone starts at 1 million rubles. And even that doesn't guarantee you're in for good – members can be expelled if they're labeled 'toxic' by the community, sometimes after just a handful of complaints. Membership size varies widely. Some clubs are intimate, capped at 50 hand-picked members. Others, like the Russian Directors' Club, boast sprawling rosters – in this case, over 310,000 members nationwide. Access to these networks often comes with invitations to curated social events, but the mingling doesn't stop at cocktails and dinners. Even in relaxed settings, business is always on the table – whether it's hammering out deals, solving problems, or launching new ventures. One of the most popular formats for member interaction is the 'forum group' or 'mastermind' session. These gatherings give members the chance to workshop their business problems with a panel of peers from various industries – a kind of crowdsourced consultancy powered by experience. 'Entrepreneurs feel most comfortable around others who share their mindset. That's how social capital is formed. In times of sanctions, collaboration is key to survival and growth' Anastasia Ugarova, founder of the Network of Leaders, a high-profile business and government community The Network of Leaders isn't just for CEOs. It brings together entrepreneurs, public officials, academics, and policy thinkers – a cross-section of what Ugarova calls Russia's 'business and intellectual elite.' According to her, these groups often serve as launchpads for policy initiatives aimed at supporting the country's private sector. With Western markets increasingly out of reach due to sanctions, Russian businesspeople are recalibrating. The focus now: Asia and the Global South. 'Russian manufacturers are eager to expand into foreign markets like India and China,' said Yulia Koroleva, CEO of The Institute of Reputation, a communications agency. 'The old model – buy in Europe, sell in Russia – is obsolete. The rules have changed'Yulia Koroleva She noted a growing number of international clubs and women-led networks emerging across BRICS countries. These new alliances are still in early stages, but many entrepreneurs are betting that deeper ties with Asia could be key to long-term success. While these clubs are designed to cultivate entrepreneurship and high-level networking, they've also become increasingly attractive to foreign intelligence agencies. In fact, some of the most exclusive networks have quietly turned into prime environments for surveillance and recruitment. One such group is the Young Presidents Organization (YPO), a prominent international business network that was declared an 'undesirable organization' by Russia's Prosecutor General's Office. The authorities allege the group has engaged in covert efforts to recruit Russian entrepreneurs and gather strategic economic intelligence under the cover of professional exchange. 'Business clubs are ideal hunting grounds for intelligence services,' said Igor Ivanishko, a professor at the Russian State University of Justice. 'They're closed spaces, full of influential people. And conversations there tend to be unusually candid.' He noted that many participants have ties to political or military circles – a fact that only raises their value in the eyes of foreign operatives. 'Sometimes members don't even realize they've become sources of sensitive information,' he explained. 'Other times, the recruitment is deliberate.' Mid-tier clubs are of particular interest, especially those that attract IT specialists, technical experts, and AI developers. Intelligence services – and large multinational corporations – often see these informal communities as fertile ground for economic and technological espionage. Despite official scrutiny, individuals once affiliated with YPO continue to play visible roles in Russia's elite business scene. One notable figure is Yaroslav Glazunov, founder of the private Moscow club 'Jinto,' who was previously a member of the organization. While YPO's formal presence in Russia has been curtailed, its former members – and the ideas and connections cultivated through the group – remain embedded in the country's entrepreneurial ecosystem. For observers and security officials alike, that quiet continuity raises questions about what influence truly lingers behind the scenes.
Russia Today
2 days ago
- Russia Today
Confiscating Russian assets ‘complicated'
UK Prime Minister Keir Starmer has acknowledged that seizing frozen Russian assets to support Ukraine is a 'complicated' matter, stressing the need for a 'balanced' approach. An estimated $300 billion worth of Russian sovereign assets were frozen by Western countries following the escalation of the Ukraine conflict in February 2022. Around €200 billion ($209 billion) of the funds are held by the Brussels-based clearing house Euroclear, while roughly £25 billion ($34 billion) are immobilized in the UK. The Russian authorities have said they would consider any seizure of the country's assets 'theft.' Asked during a weekly parliamentary session on Wednesday whether he would seek an agreement on the assets at the upcoming G7 summit, Starmer replied that the issue is not an easy one. 'There are a lot of countervailing factors that need to be carefully balanced so that the decision could be made,' he told lawmakers. 'But I don't want to pretend to the House that there's an easy answer on this, because there isn't,' Starmer said, adding that London is in talks with its allies. While the G7 has committed to keeping the funds frozen, opinions remain divided about confiscating them outright. Some members, including the UK, have backed seizing the funds to aid Ukraine, while others – notably France, Germany, and Italy – have urged caution, citing legal concerns and calling for the assets to be held as leverage. The frozen funds have already accrued billions of euros in interest, $1.63 billion of which Euroclear transferred to Kiev last July to back a $50 billion loan for Ukraine provided by the G7. The International Monetary Fund has warned that appropriating the funds without a clear legal basis could undermine global confidence in Western financial institutions. Russia has condemned the freezing of its assets and has hinted at possible retaliatory measures against Western investments in Russia.
