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Russia Today
4 days ago
- Business
- Russia Today
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 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 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 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.
Times of Oman
12-05-2025
- Politics
- Times of Oman
Russian President Putin to visit India following PM Modi's invitation during bilateral talks
Moscow: Russian President Vladimir Putin and Indian Prime Minister Narendra Modi held telephone talks. This was reported by the official website of the Russian President. The two leaders spoke by phone to discuss the strategic strength of Russia-India relations, which TV BRICS described as a uniquely privileged partnership. President Putin reiterated his condolences over the recent terrorist attack in Pahalgam, and as cited by TV BRICS, both sides stressed the urgent need for continued cooperation in combating terrorism. During the exchange, Prime Minister Modi congratulated President Putin and the people of Russia on the upcoming 80th anniversary of the Victory in the Great Patriotic War, which he described, as reported by TV BRICS, as a shared commemoration for both nations. PM Modi also extended an invitation to President Putin to visit India for the traditional annual bilateral summit, a gesture that, as per TV BRICS, was warmly received and accepted by the Russian side. Minister of State for Defence Sanjay Seth participated in Victory Day celebrations during his visit to Russia from May 8 to 9. The celebrations were organised on May 9, in Moscow to commemorate 80th anniversary of the victory of Soviet People in the Second World War (1941-45). According to a release, Minister Sanjay Seth laid a wreath on the Tomb of the Unknown Soldier and witnessed the Victory Day Parade, along with the distinguished delegates from other countries. The participation of Raksha Rajya Mantri in the Victory Day Parade is the symbol of longstanding special and privileged strategic partnership between India and Russia. During the visit, the MoS Defence called on Russian President Vladimir Putin and extended congratulations for the 80th Victory Day. MoS also held a bilateral meeting with the Russian Deputy Defence Minister Colonel General Alexander Fomin and thanked the Government & people of Russia for their support in India's fight against the menace of state-sponsored cross-border terrorism. The two Ministers also discussed multifaceted military & military - technical cooperation and agreed to further deepen ties within the framework of existent institutional mechanisms. The two sides will continue to hold regular consultations and enhance cooperation in the evolving situation.
