literature.cafe

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This is a general special interest lemmy instance focusing on lovers of all things pertaining to reading and writing and all of the people that enjoy it as well as fandoms and niches that exist within reading circles. We federate with other instances, with our local communities being focused primarily on the above.

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A familiar UI - old.literature.cafe

Photon - ph.literature.cafe

Tesseract (photon fork with more multimedia focused features) - t.literature.cafe

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Russia's trade with India is booming and bilateral payments are proceeding smoothly without the glitches hampering trade with other countries, deputy CEO of Russia's Sberbank says (www.reuters.com)
 
 

cross-posted from: https://feddit.org/post/2497007

Russia's trade with India is booming and bilateral payments are proceeding smoothly without the glitches that have been hampering trade with other countries, Anatoly Popov, deputy CEO of Russia's largest lender, Sberbank, says.

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Russia's trade with India is booming and bilateral payments are proceeding smoothly without the glitches hampering trade with other countries, deputy CEO of Russia's Sberbank says (www.reuters.com)
 
 

Russia's trade with India is booming and bilateral payments are proceeding smoothly without the glitches that have been hampering trade with other countries, Anatoly Popov, deputy CEO of Russia's largest lender, Sberbank, says.

Sberbank handles payments for up to 70% of all Russian exports to India. Russia's trade with India nearly doubled to $65 billion in 2023, with the country becoming a major importer of Russian oil after Western sanctions imposed in 2022 over a conflict in Ukraine.

"In 2022, there was a significant increase in the interest of Russian businesses in the Indian market because this market serves as an alternative," Popov told Reuters in an interview ahead of the Eastern Economic Forum, an economic conference targeting Russia's Asian partners.

Sberbank's branch in India has offices in Delhi and Mumbai, as well as an IT centre in Bangalore. The number of staff in its Indian offices increased by 150% this year, having said in April they wanted to hire 300 IT personnel for the hub in Bangalore.

Sberbank is under Western sanctions and therefore cannot make transactions in U.S. dollars and euros or use the SWIFT system for international transfers. However, Popov said the bank has not experienced any problems in India.

"Sberbank is a full participant in all Indian payment and interbank systems. There are no restrictions on its operations," Popov said. India has not joined any anti-Russian sanctions and maintains friendly relations with Russia, a fellow member of the BRICS group of emerging economies.

Sberbank said transactions in roubles and rupees are proceeding smoothly, with 90% of them taking only a few hours to complete. This is in stark contrast to other trading partners such as China.

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